Mary Salzer

  

First thing Monday AM you need to contact, both Chase and FHA to start the process, there will be some pretty high hurdles to cross. The fact that this is a job related relocation will not necessarily allow the Short Sale and forgiveness of the short amount by either Chase or FHA on the first, hopefully there is not a shortage to the first.

Regions will be the one truly taking the Hair Cut, that is where the Realtor is so important, a good one can negotiate this for you and assist in minimal impact to you financially.

The aspect of having the funds that are short forgiven are truly in the balance of how good the negotiator is on your behalf, the market and the overall attitude of the Lender/Servicer and the Investor. FHA as I said does not have a policy of allowing relocation as an extenuating reason for forgiveness and hardship. They are fairly emphatic in their guidelines in that respect. However things are topsy turvy in this market and you will never know if you do not ask. I do know that Chase is very flexible at this point.

I would expect that you are going to have some exposure and liability for the short amount, just due to the reasons that are compelling you in this transaction. Find a really good Agent to represent you and have them do the tough as nails negotiating. You will need to fill out the financial packages and the hardship stuff for FHA, Chase and Regions....be forthright and tell them the story....let the Realtor do the negotiating....and cross your fingers and toes that you come out the other side with the best deal that you can.

Please keep us posted, I am always curious how FHA is treating things in other regions...they are different from region to region, here a few years back they were very rigid, today....off and on..hot and cold, very situationally dependent as far as their decisioning is concerned.