You can't squeeze water from a stone!

Although I know banks that have tried.  For Short Sales, typically I believe if a borrower is facing a true hardship and has no assets nor means of making a mortgage payment, the lender is unlikely to try to force the borrower to pay back any of it. It does not mean a lender is not entitled to a deficiency judgment, if circumstances warrant.

"Can I short sell my house if I have not stopped making payments?"

The answer to this depends on your lender, the investor on the mortgage and timing.  In most cases lenders will consider an “Eminent Default Short Sale” provided the property is listed for sale. So if you are currently making your payments, but you have circumstances which will make it impossible for you to make the payments in the future then you are likely to have an eminent default and can potentially qualify for a short sale.  With short sales there are no guarantees. If you have any questions about short sales and have property on Mercer Island or the Eastside please contact Ken Urman, Distressed Property Specialist with Ewing and Clark, (206) 232-5700.

Just announced incentive for buyers of Fannie Mae REO properties

Buyers of Fannie Mae backed REO properties will receive 3.5% of the purchase price towards their closing costs. For many homebuyers, the added expense of closing costs is an unpleasant shock. This promotion may take some pain out of that first step in homeownership.

Promotion Guidelines:

• Buyer’s or seller’s agents must request the incentive with the initial offer
• Offer must be submitted on or after April 11, 201,1 and close by June 30, 2011
• The buyer must use property as a primary residence, and will have to sign an Owner Occupant Certification Rider included with the purchase contract
• If buyer’s closing costs are less than 3.5%, there is no credit for the difference

This is a terrific step towards clearing their portfolio of their

Proud to be Certified by RES.NET as an REO Agent

Just want to brag that I passed a rigorous certification course.  I am now a professional member of RES.NET with REO certification.