Short Sale qualification....
I have a homeowner who has a vacant property that she wishes to unload. She had it as a rental and her tenant bailed with $3000.00 worth of payments in arrears.
She was recently widowed and is currently overwhelmed with the double payments. The place needs work, and she is now out of state.
I've talked to her about a short sale, and she is willing. Howwever, I learned through our discussion that she has already received a loan modification from the bank, whereby her payments have been reduced.
questions:
1.Should this affect the lenders inclination to accept a short sale? (The homeowner is seriously contemplating letting the house go into foreclosure .)
2.What is the best way to prepare a"Net Sheet" (or get one done) if you've never done one?
I've heard of the online hud1 form, but wonder if it's a viable way to produce an "accurate" document for a lender to inspect.
Thanks in advance,
Barry 
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