I have a client that has a legitimate hardship.
His work cut his hours to the point he cannot afford his home. He's since moved to get work out of town. In the process his wife lost her job. Now they are struggling to meet the mortgage, rent, and everything.
He has only a few weeks until he cannot make payments. I advised he call his loan servicer to request a few payments be placed on end of loan. The servicer is M&T Mortgage. He got back with me to say they wouldn't offer him anything.
I'm going to start doing some digging. Has anybody got a loan mod done like this with M&T so the house could be sold w/o a deficiency?
Thanks!
PS. He's also in federal law enforcement. Not sure if this factors into the decision making process by the bank but is important for his career to not be deficient.
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He should be able to apply for a modification review. They often can be long winded and more financial documentation heavy than a short sale. It typically comes down to financials on if they will be approved for a modification but there are many more factors involved. It's hard to know if they may be a good candidate for some type of modification program without completing a basic financial analysis on the account.
Hopefully they could get a modification that would make their payment more affordable. Accomplishing this within a few weeks likely won't be an option unfortunately.
Let me know if you have any questions or need anything at all.
Brett@ishortsalenow.com
310-564-6389
www.ishortsalenow.com