Shortsale House that's Upside Down

[Kelvin Letron Brantley]

Is it possible to short sell a house where the owners are current on their mortgage but the house is worth less than what is owed?

Would lease/option and subject to be the only strategies available for a property such as this?

Thanks

[Ron S.]

Originally posted by @Kelvin Letron Brantley:

@Alexis Adams, @Gabriel Amedee, @Chris Seveney, @Brett Goldsmith, @Ron S.,

Thank you for your replies!  It sounds like the overall theme here is to stay away from short sales.  I was just looking to see if it might be a viable option, but what I'm most likely going to go with is lease option or wrap around mortgage subject to existing financing.  Thanks again!

 I'm probably the dissenter among the forum on that as I'm a lender so, my two cents would be counter to most. I'd stay away from the subject too or wrap around (no problem with lease options) programs as we lenders wait for you to screw up (you, buyer, seller, someone) and call the note due when we find out you did it.

I'd say greater than 90% of people get away with wraparounds and subject to. 90% of people get away with cheating on their taxes too but do you want to be the one that doesn't get away with it?