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jwb7248 · Joined: 02 Oct 2009 Posts: 1 1.34 Dollars($)

looking to short sale due to transfer(u.s. govt employee). have been getting mixed info regarding whether i need to miss a payment or not in order to get attention of the bank. have not missed payments. house is severly upside down with an adjustable due in 5 years (no way house comes back for possible re-fi). My payment is too high to try and rent. I realize short sale will damage credit but also seems like only option. just dont want the short sale to drag out. any advice would be appreciated.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

You do not need to be late on payment for the shortsale to get approved

You have good case to prove why you need to sell

Due to current market conditions you may not able to sell it for the price you want and pay back the loan

So normally you get arelator who si experinced with the shortsale process

He/she woudl ask you to list the hosue for few weeks or months to show the bank that you ahve been trying to sell but not been successful, so and applyfor short sale

depending on thier requirments they may approve your short sale

kas_mah80 · Joined: 06 Sep 2009 Posts: 31 -0.11 Dollars($)

yeah its time dont to be late to payment of shortsale to get approved because current market conditions you may not able to sell it for the price you want and pay back the loan.

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miss a payment to short sale