Everhome Short Sale

hello Stars,

A client contacted me about doing a strategic short sale. He has two loans on a rental property (EverHome (primary interest ARM - Fannie Mae loan)/CCO Mortgage (secondary with ballon in 10yrs)). Property has tenant but home is way under water (approx 150K under water). Rent does not cover mortgage/expenses. Problem is that his high income/assets may present a challenge. His ratios are high though. He works in finance and does not want to miss payments while going thru short sale so his credit is not hit bad. Can someone give any hints, feedback on experience with strategic short sales with Everhome? Can he stay current or needs to stop payments for short sale approval. Any feedback will be appreciated..

Thanks

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Permalink Reply by Smitty on January 3, 2013 at 10:07am

I'm not sure this meets the criteria for "strategic" short sale, but in cases where the seller has considerable income I always make sure they are aware the bank may deny the sale, ask them for cash at closing or have them sign a prom note.  Those are the options if he wants to pursue a short sale.

Permalink Reply by Amara Ibeji on January 3, 2013 at 11:56am
Thanks for the replies so far. The issue he's conveyed is that without a tenant he cant afford it. He does want to go ahead and list, staying current and hope for best. Any other experiences/suggestions are welcome.

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