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A short sale is a process where you sell the home for less than what is owed to the bank, so if she owns it outright there’s not much to forgive or accept. I guess you’re question is in regards to a second home that has a mortgage and is upside down. If that is the case, then the answer is YES, she can do a short sale. If she has assets then the lender might ask for a contribution, but as the other home is not a liquid asset chances are that that night not happen. We have successfully negotiated short sales for people that have assets with no problem (we call these strategic defaults) so just go for it. It makes no sense to hang on to an upside down house in this declining market.
In order to do a short sale one must qualify for a short sale. There is not enough info here to make an educated decision. Perhaps go to some websites in your area for more info or goto www.CaliforniaShortSales.org
Alright, I am actually asking this question for my sister. She is about 50,000.00 upside down in a house she has. But, she is renting that house and has a house free and clear that her mother-in-law left her a year ago. Can she do a short sale on the one house with out it effecting the one that is free and clear?
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