Will Suntrust allow a short sale with out any late payments?

We currently need to relocate for our jobs, however our house is underwater. Our house is located in Florida.  I am being told that Suntrust will not even consider a short sale unless we are 60 days late on our mortgage.  Does Suntrust have any type of strategic short sale that will allow us to short sale without defaulting on mortgage payments.  It seems odd that for a relocation hardship we need to have missed mortgage payments to even be considered.  Does anyone have any information around this?  Thank you, Tracy

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This is not a suntrust decision but something in the investor's guidelines. Who is your investor, Fannie Mae? Freddie Mac? FHA loan? etc. Each has different guidelines. You probably don't know - often, you can look it up in MERS - https://www.mers-servicerid.org/sis/index.jsp After looking up the servicer, dig deeper and it might tell you the investor.

You need to ask the question about the investor, not the servicer Suntrust.

Hi Joe - I followed your linked and it just provided Suntrust Mortgage as the Servicer.  Any advise on how I can determine if possible?  I contacted an attorney, who clearer stated Suntrust will not look at our short sale package unless we are in default.  I need to short sale, I would assume a lender would want to keep receiving payments during the process rather then getting nothing.  Any suggestions on how I can dig deeper into this would be greatly appreciated. Tracy

Hi Joe - found another link and my inverstor is Suntrust Bank, so can I contact them on this topic?  Thoughts on how to determine the facts on this?

Yes, you can contact Suntrust directly and ask. Anything important or you think sounds funny, you should probably call again. As in most banks, the people you talk to are most interested in getting you off of the phone and "solving the problem" regardless of their knowledge. Some are happy that they gave you an answer which makes you happy, others are happy that they got rid of a potential problem - not necessarily meaning to screw you over, but the same result. Basically, anything important to you, don't count on a quick call to the bank. (Just a warning.)

Probably, you want to call the bank and ask for possible workout solutions. This is where they will want you to be anyway - loan modification, etc. But, you will get real documentation from them on their rules for short sale, loan mod, etc., and it will have to be specific to your investor. Short sale IS a workout solution.

When a loan is owned by SunTrust, then they are in the driver seat.  They can be extremely difficult to work with, and I have not heard that it has gotten any better recently.  Here is a link guide to their short sale requirements:

 

http://stmmktg.securebusinessweb.net/LossMit/ShortSale.pdf

 

The guide is actually for agents, but it will give you some hints as to what they may find acceptable.

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