I have some solid buyers for my house and I am asking my bank for a short sale. I can technically pay the mortgage but was told I have a better chance of getting the short sale approved if I stop payments.
I am in California. Only one loan, no liens, perfect credit.150K under water.
What can I expect from the bank in terms of contacts? Will they call me to offer me another solution ? How much information do I give them on the phone ? I am a little worried. I have a good real estate agent and I'd prefer the bank to go through the agent but I've heard that they often contact the owner. My wife is worried as well...doesn't know what to say if the bank calls us.
Any advice from people in similar situations would be appreciated.