Will lenders consider a short sale when the seller isn't in default?

I have two separate customers who are way upside down in their mortgages, but they're current on their payments and can likely stay that way.  If we were to begin offers for sale to the lenders (one is Chase and the other is BOA, and both are single-lien situations) would they consider our offer?

 

 

Alex Krumm

Re/Max Alliance Group

Broker Associate

GRI, Certified Distressed Property Expert

Winner, Five Star® Best In Customer Satisfaction: 2010, 2011

 

941-234-3597 Direct

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Permalink Reply by Cliff Stanwick on July 31, 2011 at 2:47am
Still need a hardship and a real good one. Try having a CPA or tax professional prepare the financial statement of the short sale package, and IMO if you go the "eminent default" route it does work better with the attorney contacting the Servicer. Depends a lot on who is the beneficiary/investor and whether the master loan servicing agreement allows them to negotiate with the owner if the owner is current.
Permalink Reply by Daniel Sandoval on August 1, 2011 at 12:32pm
They will accept the short sale but sometimes will ask for a contribution. I have one where the owner is current and there asking up to $25k for closing...That is with indymac...
Permalink Reply by Rhonda Duffy on January 29, 2012 at 2:46am

The best thing to do with ANY lender is to have a package that is precise, detailed and PROVES facts.  The more that you add that is factual, the better the chance that it will be approved with no hassle.  The next thing to watch after proving the facts is to make sure that everything is easily legible to the lender.  We spend a lot of time increasing the size of the writing with our copier and making sure that the borders are not being cut-off.  If you get one stall from a lender that they can not read something or they are skeptical about what has been written because you didn't PROVE the fact, you are off their radar for the next few weeks.  So, moral is, spend a lot of time proofing and re-proofing the package and asking the question, how can I prove that?  If it takes waiting to get something like a police report or a divorce decree or employment or unemployment letter, then wait before you send in the package.  It will be worth it in the long run.

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