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I've been reading about short sales where the sellers sign a promissory note to the lender for all or part of the sale/principal difference. Is that something that can be done by anyone?
Basically, we don't have a hardship that qualifies us for a short sale but we really need to move for several reasons that a bank wouldn't care about. We make more than enough money to qualify for a mortgage twice the amount of what we currently have but just can't seem to save up enough to catch up with the falling market.
Would the bank (Fannie Mae backed serviced by Wells Fargo) consider allowing us to do a short sale for $10k less than we owe if we signed a promissory note to pay the difference? Has anyone done it or had experience with this type of situation? We want to pay off our obligation and will stay here if we absolutely must, but if there's a way out without trashing our credit I'd like to explore it.
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