Here is the problem. A short sale is usually excited by a breach or threat of no longer making payments. If the loan is current - NO WAY! Otherwise the loan will require the seller to make good on the deficient amount and then replace the loan - in thins market - NO WAY. Depending on the delinquency and the Originators (sellers) position and willingness to abide by the Trustees demands, itâ€™s unsure what your dealing with. Read attached -
The Trustee shall promptly notify the Seller , as the case may be, of such breach and request that the Seller or AHMC, as the case may be, shall, within 90 days from the date that the Seller , as the case may be, was notified or otherwise obtained knowledge of such breach, either (i) cure such breach in all material respects or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase Price and in the manner set forth in Section 2.02; provided that if such breach would cause the Mortgage Loan to be other than a â€œqualified mortgageâ€ as defined in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within 90 days from the date such breach was discovered.