If you have a hardship, loss of job, divorce, change in financial circumstance from medical or family issue, etc, you can now be considered for a short sale even if you have not missed a mortgage payment.
Freddie and Fannie will now have the same requirements and procedures, which was not true in the past.
This is great news, especially for people who have a sudden change in their circumstances and can no longer afford their mortgages, but do not want to have their credit ruined in order to be able to sell their home.
So, if you have a change in your circumstances which will change your financial picture, and you want to sell your home without ruining your credit, you may have a way to do this.
Be sure to work with professionals who know what they are doing. In short sales, there is no substitute for experience.
If you have any questions about short sales in Santa Clara or San Mateo County please feel free to contact me.