Will Bank Allow Short Sale WithOUT being in default?

[Ibrahim Hughes]

Hi Everyone. Met an elderly person whose house is underwater although he pays his mortgage on time. He'd like to sell and get "moving money" to relocate from NJ to GA where his daughter lives.

The only solution I can come up with is that he does a short sale with his lender, Wells Fargo. Does anyone familiar with short sales think he has a chance with his mortgage being current? Thanks in advance.

[Michael Lauther]

You can google the HAFA program which allows for $3000 in moving expenses. there are other conditions to qualify like not having a felony conviction, must be principle residence and must have acquired the mortgage prioer to January 1 2009. The regs for this are on line and you can apply for a modification or short sale without being behind. There are financial tests that are considered by the lender and not all lenders participate.