---

Loan modification vs short sale

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
Guest	Posted: Tue Mar 09, 2010 11:37 am    Post subject: Loan modification vs short sale Like 0 Dislike 0 Explain why a bank will due a short sale but will not work with struggling homeowners to save there home. A short sale is offered at market value. Why is it that we are not offered the same deal? Instead we have to go through this horrible process to try and save our home at outrageous rates to know that we will not get a principle reduction? We end up with a bigger balance on our mortgage through a modification. This whole process does not make sense.
Niicss Joined: 03 Oct 2005 Posts: 4770 Location: New Jersey 499.28 Dollars($)	Posted: Wed Mar 10, 2010 2:10 am    Post subject: Like 0 Dislike 0 If you are current on your mortgage payments but are unable to afford paying it any further and you go for a loan modification, it will not add a bigger balance on your mortgage. Rather it would become affordable for you to pay off the loan. As far as short sale is concerned, the lender will sell off the property at the market but the borrower will have to pay off the deficient amount resulting from the sale. Thus, the lender will not lose much if he goes for a short sale.

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0