*Can I short sale my own house?
No, this would be illegal. A short sale must be an "arms length" transaction. You cannot short sale your own house nor can close members of your family or friends do one for you either.
In a short sale, the lender is agreeing to discount the mortgage amount due to legitimate hardships; but not so that the homeowner can make a profit. No money from a short sale transaction can be paid to the homeowner (seller). Lenders will not approve any short sale in which they suspect the foreclosed homeowner will profit.
* Can't I just go down to my branch or mortgage broker and talk to them about reducing my mortgage?
Unfortunately, things don't work that way anymore in the banking business. Once you obtain a mortgage, it typically gets bundled with other mortgages and sold to other banks or investors. Oftentimes, the company to which you make your payments is not even the bank who holds your mortgage; they are simply paid to "service" the loan.
Also, once you mortgage lender begins the foreclosure process, the file is turned over to a loss mitigation company so the "lending" departments or the branch no longer have anything to do with the loan.
All negotiations regarding the short sale are done between the Listing Agent and whatever loss mitigation or asset management company works for the lender.
Contact Fred Sed 949-274-3733 to see if you qualify for a Short Sale.
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