Since the Home Affordable Foreclosure Alternative has started to pick up interest I am educating more and more people about that apparatus as a possible alternative to just a traditional Short Sale in order to help make the move out easier and not take the credit hit for selling short.
Ont important criteria is that the current mortgage can not be held by Fannie Mae,
Here is a link that will take you to the page where you can find that out by simply inputting your address.Does Fannie Mae Own Your Mortgage
This will save you a lot of time calling your servicer (bank) and asking and remove the doubt.
If you are applying for a Short Sale be sure to print out the results to submit that info to the lender through your realtor so that the bank knows who holds your mortgage.
Hope this Helps!
Stew Keene - Certified Short Sale Negotiator
Home Smart Realty - N Phoenix and Scottsdale