Can you do a short sale if current?

[kmatlick]

Everybody keeps telling me you have to be delinquent in order to get a short sale approved. The house is currently listed but I don't want to stop paying in order to be able to do the short sale.

I live in Illinois. Is it possible to do a short sale without being deliquent?

Thanks.

[Moe Bedard]

A short sale would need the approval of the investor on the loan........so you would need to ask the servicer on the loan if the investor is willing to do a short sale in the first place.................some don't.

[kmatlick]

Thanks ***. Citi is actually telling me over and over, including vai e-mail, that my best bet is to do a short sale and they assigned a loss mitigation specialist to handle it already. They are just waiting for an offer to come but so far nothing.

I don't want to go delinquent because then it would be reported now as opposed to what may or not impact my credit once the short sale occurs, depending on the offer and how much it's for.

THanks.

[ikesdad]

We were never late on a payment and had a short sale approved by Wachovia. They actually said that never being late on our payment worked in our favor because they could see we were trying to do the right thing. Whatever that may be these days!

[markmc2000]

The other side to that is maybe they won't look at your deal because you are current. However, I have also heard that lenders do short sales sometimes when someone is current.