Received letter from customer on 05/28 that he can no longer make payments on mobile home. Has never been late. Has a buyer but it will be a short sale. Do you see any reason we can't accept this and sell short? It's not a foreclosure and never any late payments.

Why would you think that you could not enter into a voluntary agreement with the borrower?

Randy, I just don't deal with enough mortgage loans so when something comes up that is out of the ordinary I seek guidance. Just a precaution. Thanks for chiming in. Makes me feel better.

I suppose you could but, to mitigate the appearance of not exercising due dilligence, we require that all short sales be listed with agent and MLS. Having the borrower find their own buyer smacks of non arms length. We also make sure, any short sale offer is commensurate with the appraised value we obtain.