I actually was privileged to work with economic stabilization project. They specialize in such a small niche a federal loop hole that allows homeowners who qualify for the governments HAFA program short sale to a Non-Profit. My client was the one who informed me about them, I called and did my homework and couldn't believe that this was a legit program. Once I listed the home (chase) they provided an all cash offer. The home was appraised at 179,000.00 and the lender accepted ESPs offer at 134,000.00 which is only 75% of the CMV. I guess the lender was able to write off as a chairatible donation to the Non-Profit. Win win for the lender they got cash offer and tax credit. We opened escrow and closed 7 days later. My client is know leasing the home from ESP and making a payment he can afford every month. Considering he once owed the lender 368,000.00 and paying 2,700.00 his new payment is only 1,175.00. Once my client is able to secure a loan he will buy his home right back from ESP at the CMV therefore getting a 189,000 savings on his home. Great way to wash away all the negative equity on the home. Bank won't give you a principal reduction we did get it through ESP. I would recommend everyone to ESP they are vey knowledgeable on the most recent laws and government program guidelines.