Foreclosure in Naples>Question Details

Helpme34fore…, Home Owner in Naples, FL

After a mortgage modification can I short sell or do anything else to avoid foreclosure?

Asked by Helpme34foreclosure, Naples, FL Mon May 16, 2011

After a mortgage modification with Suntrust, they sold it to Nationstar who raised the payments. Now I can't afford the payments again. Can I short sell or do something (anything) to avoid foreclosure? If not how long before I'll need to be out of here?

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Hi there,

I have had a client go through the loan modification process and then end up short selling the home in the end because she still could not afford the payments. For one, I applaud you for going through the loan modification process as I understand it can be quite tedious and long so congrats to you for your diligence.

Secondly, as long as you have a financial hardship that is causing you to be insolvent (not have enough to make ends meet), you should be able to do a short sale. What you should do is find your area short sale expert (if you need help I can help refer you to someone) and sit down and do a consultation.

It definitely is not out of the question at this point.

Thanks,
Brooke Hengst
REALTOR, CDPE
Your Castle Real Estate
(720) 988 5952
bhengst1@gmail.com
Web Reference: http://www.brookehengst.com
0 votes Thank Flag Link Mon May 16, 2011
You can certainly try to short sale after a loan modification. However you may want to be careful because the foreclosure process is quicker if you default on a loan modification. Usually when you short sale you need to stop making payments and after a few months you can try to get a short sale approved.

David Lane
0 votes Thank Flag Link Thu Oct 31, 2013
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0 votes Thank Flag Link Fri Nov 18, 2011
You can certainly attempt a short sale or deed in lieu after having a loan modified. A loan modification does not stop you from seeking other alternatives.
Web Reference: http://www.homesbyminna.com
0 votes Thank Flag Link Fri Jun 10, 2011
You can go to the government's website to find out if Nationstar participates in the HAMP program and try applying for it if they do.

But if you're convinced that you can't qualify for a loan mod this time around, then you would want to know if they participate in the HAFA program. Under HAFA, you can short sell your home and receive moving costs incentive from the government for $3,000, Deed in lieu is also possible but the program requires that you attempt to list the property for at least 90 days and if short sale is not successful only then may you apply for deed in lieu and still get $3,000 moving costs incentive.
0 votes Thank Flag Link Sun Jun 5, 2011
I would contact your lender and see if there is anything they can do to help with the payments. If you start to fall behind on your payments, a short sale may be an option.

Essentially, banks look at short sales as a way to lose a lot less compared to a foreclosure, however they would rather you stay around and pay.

How long do you have with a foreclosure? It could be years before the bank kicks you out. Depending on the bank, some are more aggressive at filing foreclosures and others are pretty passive and wait a little while.
0 votes Thank Flag Link Mon May 16, 2011
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