U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 09-08-2009, 09:13 AM
 
Location: Denver, CO
366 posts, read 1,147,379 times
Reputation: 241

Advertisements

I applied for a loan modification through my mortgage company, long story short after about 2 months I get a letter saying that they are unable to modify my loan. They sent me another letter saying that I may be eligible for a short sale. I am now just starting the process, but my question is: Do you think that they are more likely to approve the short sale, since they were the ones who suggested it? Thanks
Reply With Quote Quick reply to this message

 
Old 09-08-2009, 09:26 AM
 
28,384 posts, read 67,998,510 times
Reputation: 18190
Without details on why the lender was unable to work out a modification -- if your finances are really bad and you are already headed to foreclosure -- it is hard to know why the lender may be preferring a short sale, though generally this can be better than a messy foreclosure.

In many cases the lenders are just too disorganized to provide a solid answer to any serious question. Many people stumble around for months trying to get out from a house that they cannot afford and the lender is not able to provide a solid answer as to what is the best course of action.

If you want to remain in the house, and believe you do enough income to afford to do so with some reasonable adjusts to the rate / length of mortgage then perhaps there was some miscommunication.

OTOH if your income could not support the mortgage without major reductions in what you owe to the lender and the home's value has retreated to a point far below what you owe on it, perhaps a short sale is best.
Reply With Quote Quick reply to this message
Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top