You probably already know: the goal of a loan modification is to reduce a homeowner's mortgage payment and make that payment affordable. They can offer you, a homeowner one or more of the following:
The goal of a short sale is to help you avoid foreclosure if you are no longer able to remain in your home. In the short sale process, you sell your home and settle your mortgage debt for less than the amount that you owe.
Homeowners who have a home loan with one of the participating lenders or servicers should visit their home loan assistance site or call:
• Ally/GMAC: 800-766-4622
• Bank of America: 877-488-7814
• Citi: 866-272-4749
• JPMorgan Chase: 866-372-6901
• Wells Fargo: 800-288-3212
If after very careful consideration, you choose a short sale: You don't pay for a realtor service, no closing costs or other fees, and you may qualify for a relocation insentive payment.
Reminding: Homeowners should NEVER pay money
up-front for services promised. Instead, get a referral to a free
HUD-approved housing counselor to advise on loan modifications, short
sales, and other alternatives for avoiding foreclosure by calling (888)