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Loan Modification instead of Short Sales?

Real Estate Agent with Success! Real Estate

I'm currently working with clients who are nearing a short sale status.  Although they are 'house poor' they both have good work histories at their current jobs, and have owned this home for 12 years.  The trouble came a couple of years ago when the wife got sick/injured.  They went down to one income, had two teenaged kids, lost their health coverage, took equity from the home, yada,yada, yada. 

I recieved written permission to discuss their options with their mortgage company and was told that they are good candidates for the Loan Modification program which would allow them to keep the house. I would be interested in hearing of any one's experiences with this.  (Good, bad or indifferent.)