WAAAY Upside down! Can I do a short sale?

Foreclosures, Short Sales, Tax Foreclosures
1

Greetings Folks, here is the skinny. I received a lead today from a couple in CA. The husband just lost his job, the wife is a CA Realtor. The mortgage is current as of now. Owes $770K, worth ~$350K. Mortgages totals ~$3300, which is waaaaay above average rent rates.

Now, me believing we can help everyone, it would seem that a short sale would be the only option here. Can you get the bank to take half of what it’s worth if they are current?

2

Hi,

They will need to miss 3 payments and will also need to stop paying there credit cards and other debt to show hardship!

If they have really good credit now and just need out of the house quickly I would recommend deed in lieu of foreclosure and see if there lender will except it, they move quickly and there credit will be hit about the same as a short sale would if they do it quick!

                       GR