The question of the day is if a homeowner needs to be behind in payments before they are allowed to short sale.
Don't miss payments before short selling. Most of our clients come to our Santa Clarita Short Sale team after they have missed a lot of mortgage payments. Don't believe everything you hear. We have had a client that remained current on a bank of America loan where the short sale went through without a hitch. In fact, the bank told our client that a short sale would never be allowed unless he had missed enough payments to trigger a notice of default filing.
However, we continued with our short sale negotiation, which is done in house at the Paris911 team, besides what our client was being told. It closed showing as a charge off with no lapse in payment history. A true win for this homeowner.
A couple of points. The banks we have worked with have not put in writing what they say over the phone about the need to have the homeowner miss payments.
Make sure you are working with professionals when it comes to you short selling. This is very important. Be safe.