Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney. Thanks for your question.
1. You're not entitled to a short sale - - it's a privilege, not a legal right, to get one done. I say that to put this into perspective --> the bank makes the rules, and they can request just about anything within reason, which would include any financial documentation you have. Thus, the bank can require this of you, BUT you don't have to provide it - - HOWEVER, if you don't, the bank will likely refuse the short sale application.
2. You would likely need to divide your military pension by 12 (months) and add that amount to your monthly income.
3. Yes, if the money is in your checking account (even though it is spoken for), you would have to include it in your balance. You can explain what the money is for, but you would still need to disclose it.
let me be more specific for question #1. Can the bank seize any of my retirement funds or expect me to withdraw from it to pay my mortgage?