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Brian,
We process hundreds of short sales and some of the borrowers are not in a financial hardship. We would take your case on for sure and give it a shot to see if anything is possible. The worst case scenario is that they don't approve the short sale and you can try again later when things change. Non profits can purchase a property for a lease back, but those transactions are often scrutinized more than a traditional short sale.
Hope this helps.
310-564-6389
Hi Brian. Property values are on the rise in Florida but it will be quite a few years before you are in an equity position again. You may have a hard time qualifying for HAFA and unfortunately this is the only program that I know of that allows the non-profit purchase/lease back. Remember you also can't do this of your investor is Fannie or Freddie as neither participate in HAFA.
I personally did short sales on 2 of my properties in 2010 because I too was far upside down and wanted to unload the debt.
I have done many short sale with Chase and have found them to be easy to work with.
I have also done many short sales for folks that had very high assets and income with no hardship. My experience is that most short sales will be approved. If there is no hardship and the seller has a good financial standing then they may be required to make a cash contribution, sign a note or both at closing.
This certainly something that would need to be negotiated as we go along.
If you need some help let me know. I'm a Florida licensed real estate broker and have completed many short sales.
Here's some info that will help.
Rob,
You make an interesting comment regarding the disclosure of assets. I always recommend a "limited" disclosure of assets especially retirement accounts but didn't realize it may be justified per underwriting guidelines. You say underwriter but you mean from a loss mitigation viewpoint? Only disclose liquid assets, this is backed up by a guideline you have access to or just your strategy? I'm not disagreeing...
I hope it all works out for you. Let me know if I can help in anyway.
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