Have you listed your home for sale?
Have you missed any payments?
Have you opened up discussions with WAMU?
Have you spoken to them about refinancing your debt?
Typically a short sale would be a last resort for a mortgage company. You would need to put together some compelling documentation regarding current local FMV (Fair Market Value) for the mortgage company to consider a short sale.
You are not in a unique position in today’s economy and housing market and it’s not your fault! It absolutely makes no sense to pay interest on a loan that the value of the home does not support. My experience is that because WAMU is in financial trouble themselves they are very difficult to negoiate with. The likelyhood of them accepting a deed in lieu is remote because they already have too many non performing assets. I would get the house on the market “For Sale by Owner” – Realtors likely won’t list because their is no equity to pay their commission fron.
After you’ve missed two payments WAMU will begin discussing from a loss mitigation stand point. 1st try for a loan modification. This is a long shot but worth a try. It’s unlikely they will reduce principal on the loan, but nothing ventured nothing gained. If that doesn’t work ask if they will accept a short sale at a price the market will bear. Then conduct a private auction and accept the highest bid contingent upon bank approval. If this doesn’t work out then go to www.walkawayplan.com and consider their services. If you need more advice and help please feel free to contact me privately.