Will lenders entertain a short sale if the homeowner is not behind on payments?

[Michael G.]

A seller called me saying she can't afford to pay for her primary residence anymore. She has a 1st with Chase and a 2nd with GMAC for a total of 450K. She'd be lucky to get 350K in this market. She's trying to determine what her options are. I suggested a deed in lieu of 4closure but I read that if her debt exceeds the current fair mkt value of the property the bank may not consider a deed in lieu. She wants to do a short sale but I've not had an experience where a lender will do a short sale unless one is delinquent on their mortgage which she is not. Any ideas?