short sale ?'s before i go ahead and do it

[smi2710]

So we have been trying to sell our home for over 2.5 years while continually dropping the price 80k so far. We are not behind nor would we get behind. We are planning on relocation to be closer to family as we just had a lil girl about 6 months ago. This was always the plan that is why we started trying to sell so long ago. Anyway i have spoke to both my lenders WF and sovereignbank and explained why we would short sale and they said it was a good enough hardship since i would be taking a transfer for work.
I have a few questions on this process i have almost all my paper work in order and abotu to drop our house from 219k to 169k which is the fair market value now in order to move the house we owe 207k

we have a healthy savings account to some extent but that would be used for moving and getting set-up in our new area as well as making the mortgage payment s till the house closed. Can the lender tap into that and leave us with nothing? ??????? should i move that money out.

I will not miss a payment i refuse to as i do not want anything else looking bad on our credit besides this short sale as we have excellent credit and never miss a payment. we our credit card in full every month and we only have a car loan and two small student loans and credit card debt to speak of .

Do i have a chance in hell on having them actually let me short sell the home ???? given we are not in arrears?

thanks

[Moe Bedard]

It will be very tough, if not impossible to short sale when you are not late. They may talk about it, but getting them to agree and close is different. But I have seen a few in my time. Please be aware that a short sale will affect your credit score by dropping it 75-100 points and it will still be frowned upon by lenders for 2 plus years.

[smi2710]

thank you i can deal with a 75-100 point drop as we have excellenmt credit but i guess the hardship is going to be tough since we are not late

[faith]

Originally Posted by smi2710

thank you i can deal with a 75-100 point drop as we have excellenmt credit but i guess the hardship is going to be tough since we are not late

Hello and welcome to this forum,
Here;s some of the requirements of a lender in accepting Short Sale:
1. List it with a real estate agent and in the market within 60-90 days.
2. Behind in payments within 60-90 days.
3. In financial hardship.
4. Letter authorizing your agent to talk to your lender regarding Short Sale.

Here's a link about Short Sale outpost in this forum, if you take time reading it you will be able to know everything about Short Sale.

Short Sale Outpost - Loan Modification Forum - LoanSafe.org

God bless and take care.

[smi2710]

thank you faith
i have all of that

but i am not late and refuse to make a late payment
we are really in a finacial hardship other then relocating for a job transfer and having not been able to sell our house for over 2.5 years