Reply to What I don't get: When people complain that they are drowning because their house is underwater

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Reply to "What I don't get: When people complain that they are drowning because their house is underwater"

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[quote=Anonymous][quote=Anonymous]
But to all you people who are underwater, but can make (and are current on) your payments, why should the bank allow you to short-sell?  Take any morality, righteous indignation, or ideas about the proper allocatin of risk out of it - what incentive do they have to let you short sell?  None.  [/quote]

The typical reasons for agreeing to a short sale include loss of income (such as job loss or substantial pay cut), family crisis including family illness, or other similar type extenuating circumstances.  If you can provide proof that you are paying the mortgage through assistance (such as temporary family assistance) or from limited savings (as in, the savings will be depleted in X months at the rate that you are paying) or other similar type justification, then even if you are making the payments, the bank will consider all such evidence.  I knew of one friend who reported that her mother was at a home with in-home care, but they couldn't afford the in-home care so the daughter was moving to her mother's house (mother not able to be moved out) to care for her.  She gave documentation of the medical expenses, what they had been paying the nurse, and the location of her move plus the fact that she would lose her current job to move to her mother's home.  The bank took a few months, but approved her short sale.  If you can prove that the current payments are contingent and will definitely fail in the short term, then they will consider and may approve the short sale even when you are current on your payments.  [/quote]

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