Our seller was offered a trial mod at a whopping $50 less than his original payment. He never signed the mod docs and instead wanted to pursue a short sale. The mod dept won't release until he "defaults" - he just missed his first modified payment. We called HUD and they said he couldn't opt out of the mod. Tried escalations at BofA and same response. . .any ideas or tricks?
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Not all short sales are equal. I would suggest first that your seller update his hardship letter as to why he will not do a loan mod.
Most importantly you need to follow the investor guidelines for the short sale.
Updating the Hardship letter and sending in the supporting documentation can really help move everything along.
The borrower is required to go through the loan mod process prior to short sale .. one of the few/only way around it is if the borrower had to relocate for work.. at which point they will have to prove hire at the new location.