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Every lender has its own rules about whether or not a short sale is allowable. To be able to short sell, the lender or lenders on the property have to give their permission, and every lender has different guidelines.
The lender is more likely to give permission if it knows that the value of the home has dropped a lot or that the person who has the mortgage can’t pay it … so a person migtht get a quicker answer if they are not paying than if they are paying, but this is not always true.
The only way to know for sure is to present your case to the lender or lenders. If the homeowner is not sure how to do this, heo or she should contact the lender … and perhaps find a well trained real estate agent (and if necessary, attorneys) that can help – just best to make sure that the agent or attorney has documentable experience in shortsales and good references from the local community. In some cases, the commission of the real estate agent can be built into the short sale price so that the homeowner doesnt have to pay out of pocket.
It is important to note: Even if the payment is not in arrears, a short sale for less than the mortgage MAY AFFECT YOUR CREDIT RATING. It is very important to find this out from the lender when the short sale is requested.
To do a short sell does the home payment have to be in the rears? If a person make over $80,000 does this stop them from doing a short sell?