I have done many short sale listing and sales in the past 2 years. When I meet with sellers I go over their situation with them and see if they have other options before listing their home as a "short sale" listing. In the past I would always ecourage homeowners to contact their mortgage co and see if they can do a loan modification. Many homeowners I spoke to did and it was a complete nightmare and the lenders would not work with them. Escpecially if they had not been late. This was always so frustrating for me to hear.
Finally, the "Making home affordable' Loan modification has come. I have spoken and encouraged many homeowners to contact their lender and see if they qualify for this program. If you do every lender is different on their process but you can have a stipulated payment for 3 months and if you make all those payments on time then they will modify.
This is exciting news for some people who hardship situations or their loan is adjusting. I have heard that Bank of America (Countrywide) and wells fargo is not helping too much. If you want to look into this google your lender and visit the home page and see if they have any information on this program.
Good luck if you have any questions or feed back feel free to call or email me
Yvette sloan
Lic# 01413657
C21 House of Realty
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