Do I have to be behind on my Mortgage payments before I can request a short sale on my property?

Question by Luis C: Do I have to be behind on my Mortgage payments before I can request a short sale on my property?
I don’t have enough equity, all of a sudden, in my home. I have Good Credit, Steady Income. but because of no equity, I am unable to refinance. Wachovia stopped Modifying Loans just today (7/2/08) and I don’t want to forclose. Do I have to wait and become behind in monthly mortgage payments before I can request a short sale from the Lender? Please let me know.

Best answer:

Answer by bailie28
do you realize a shortsale is more harmful to your credit than a foreclosure….we were trying to sell a house in nc and i called the bank to inquire about a shortsale…we had an offer it was lower than what we owed..we wanted to pay the overage off….and that is what they told me…you should really check into this..seriously

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