I started this lender discussion because the credit unions don't follow the same rules ... I hear this from the title companies, other Realtors and even attorneys.

This particular one Tempe Schools Credit Union is small and in Arizona only.

If I figure out how to save the packet on this site, I will do so, but it is very easy to contact Todd Hammond or his assistant Mary Sabbaugh to get the full packet emailed to you.

On the second liens ... they will not forgive the remaining balance and they will keep it at what the seller/borrower owe. If anyone gets it done differently, please share. But, I am telling you this up front, because you want your seller to be aware that they will owe on the second, though they do release the lien of the property.

Good luck to anyone out there that is selling a short sale, each lender is different, I have none the same to date. I must say, I thought Tempe Schools would be more cooperative and they are not, the seller had to pay a seller contribution, which is taken off the principal loan amount. What gets me, the seller is in hardship ... that is why they are selling their home, why do they have to add the cash contribution on top of the continue paying on the note anyway.