I have gotten a lot of calls to see if a loan modification is an option. And the answer is "I do not know". There are so many variables to a loan mod or short sale...who is the lender, what is your hardship, what is your financial status, where do you live, how many properties do you own and so on. Just "trying" for a loan mod or short sale can damage your credit and you may be left with foreclosure as your only option. Statistics show that most loan modifications do not work, they are temporary at best.
I just went to a fantastic two day seminar about short sales and found out about this website that gives you a good idea of whether a loan modification or short sale will work in your situation. It costs about $60 and it will analyze all your information to see if this is the correct option. It is a good place to start before you go forward and harm your credit.
info from National Mortgage Consumer Counseling site: link is below
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