AZ Home Owner,
Your 401K, and the amount it contains will be available for the bank, and others, to observe.
The banks sees AZ Home Onwer has 111 miillion in that 401K and AZ Home Owner wants the bank to write off..kiss goodbye, the $210,000 balance on your mortgage.
Be very aware...BANK OF AMERICA is not the one who is agreeing the terms...it is the INVESTOR whom BANK OF AMERICAN tricked into buying this mortgage note. It is that investor you are asking to take the $210,000 hit. (MORAL: the BANKS NEVER LOSE.) While you have 111 million in your 401K. What you risk is the investor refusing the short sale, applying an addendum, appending a promisory note (clearly you can afford to pay) or at the very least stick you with a $69,000 unearned income tax bill for 2014 if you started the process incorrectly.
Every short sale is different. Short sales are the "Wild, Wild, West of Real Estate, where there exists an illusion of rules but anything can and does happen."
Make sure the professionals you hire have earned their spurs.
Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
Move to the Front of the Line