Review the loan modification paperwork with a real estate attorney and local loan officer before signing. Understanding the details, whether or not this is a recourse/non-recourse situation, as well- predictions on recouping the $46K in future appreciation.
Does your paperwork actually state that you would have to pay a lump sum of the $46k, or perhaps that amount is being added on to the balance or "back end" of your loan?
Elva was correct in that you should be talking directly to your lender to have them explain in full detail what the new terms are of your modification.
Be persistent until you have all of your questions answered so that you fully understand the terms of your situation.
I would assume you have spoken with the bank related to other options available to you for your individual situation. Typically a bank will discuss options before approving a home loan modification. Given the limited information on your thread the $46K is questionable at this point. Thanks!
There are many other options in addition to a Short Sale you may want to take into consideration. You may want to connect with a professional to understand other options that may be available.
I hope this helps,
Rocky G.H. Hawrysz,
Prudential California Realty
(209) 444-6610 â€“ Direct
License No. 01468373
Did you work with your lender directly? If so, you should discuss the terms of the modification with your lender to see if there are any other options. Also, keep in mind, the lender is not legally obligated to modify your loan.
C2 Financial Corporation
I suggest you contact HUD, http://(www.hud.gov)
and hit "CONTACT US"
I'm wondering it you ran into a Scam:
Have you paid anything into it yet? Application Fee or such?
Good luck and may God bless