Iam going through an arduous process with WAMU myself.My case:I have a Condo (primary residence)1st and 2nd mortgage with WAMUtotal owed: $680KI knew I would get into trouble because my business went flat a 5 months ago and my cash reserves are being extinguished.I downloaded the information from WAMU site and submitted a complete package with an offer from a neighbor that is interested in buying the property if price is OK.I submitted ALL documentation to WAMU with the offer, proof of funds (50% downpayment) and prequalification for buyer through Wells Fargo.Offer $375,000 - prices for 2003 as per tax records.Nothing has been sold recently (18 months frozen market).WAMU sent an appraiser on Sept 02 and by Sept 04 the appraiser confirmed that the report had been submitted to WAMU through the third party company that manages Appraisals requests (REM).I have the name, extension number and e-mail of my negotiator but it has been IMPOSSIBLE to talk with her or to get anything from her.Her last (only) e-mail on the 23rd said that she didn't have the apparisal report (I tried to get to her to try to resolve it, but nothing back).Now she is in vacations until the 14th.I had been on time for my payments until August.I haven't made my payments for September - cash reserve extinguished.When will this default start affecting my credit score?

However, they are going to be very stringent on making sure funding is available as advertised by the buyer.This morning one lender notified a Field Guide member they will require the funds needed to close a short sale be deposited with them within 24 hours of the deal being negotiated.

Because credit is so tight it has become very difficult to fund deals.

Sure, sell enough of the other assets you bought with these funds to pay it off.

Their lending guidelines differ a little in terms of fico score requirements, source of down payment funds, and the type of properties and areas they will consider.The question of who is the "best" is really based on the particular borrower and the specific property you are seeking to finance.

He was talking to him a couple of weeks ago and big shots from several firms with large money market funds (some named here) testified that they were tapped out and if something wasn't done quickly, they would all have to 'break the buck' as nobody is buying what they would be forced to sell.

I would like to get into lending. What steps do I need to take? I just need to know the right steps, so I can move forward. I have the money and want to lend out. Any good resources out there?
free leeds or something....

Im not really interested right now as a beginner in doing short sales, being a landlord, or flipping since I really dont have the funding to do that..I just want to contract a property and sell it fast....

You can also do it as an LLC with the investors buying units.Normally in a winding down, lenders come ahead of shareholders/members in the distribution of any remaining funds.

Even a 25% loss of revenue could temporarily be supported by established reserve funds.