Short Sale after Loan Mod?

Is it possible to get a short sale approved after you have been given a loan modification? The clients are scheduled to go to foreclosure next week and they will not stop for a short sale, but apparently will for a loan modification. Will I hurt my clients if they go forward with the Loan Mod, knowing that they would ultimately want to sell through a short sale?

Thanks in advance.

Trip

Views: 142

Replies to This Discussion

Permalink Reply by VIctor T. Gurrola on November 2, 2010 at 1:35pm
I have many of my clients start off as Loan mods and then either find out they cant afford the payments or realize it’s not worth it to keep the home and up doing a short sale with no consequence’s to date. Just my .02
Permalink Reply by Mike Horton on November 2, 2010 at 5:19pm
Unless they have decided to allow their home to go to foreclosure, I can see no reason why you would not go to loan modification. Also, would they be eligible for the Making Home Affordable program? I would check this out as they can then decide to not take the loan modification and move to the short sale (HAFA) part of this program.

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