Many SS, first one with One West / Indy Mac. Looking for someone with One West experience that can comment on Short Sale file consideration with no missed payments.
Sounds like a short sale, for sure. Some agents advise clients to stop making payments. I think that is very bad advice. I can assure you that one dosen't have to be delinquent to complete a short sale with IndyMac/OWB.
If your client can continue to make the payments it will result in the least damage to his credit report. Each time a payment is missed, that gets reported to the credit bureaus and he takes a big hit on his credit score. Each successive missed payment takes an even bigger toll. First missed payment gets re-reported as 60-days overdue along with the second missed payment. . . and it just keeps getting worse. Missed payments do far more credit damage than the actual reporting of the short sale (settled for less than was owed.)