Short Sale vs. Loan Modification

Consider a SHORT SALE if:

Unemployed or significant
Reduction in income
No longer want the home
Loans greatly exceed the value of the home (most home owners owe 50% more than the current value of their home)
Have failed at loan modification

Consider a Loan Modification if:

Employed.
No major change in income.
Want to keep the home.
Only need the loan's interest rate or term altered.

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