Of course, the bank can always offer you an in-house mod if they want to. You may have several options you can explore before doing a short sale.
Some foreclosure options are discussed here: http://vaughnweberlaw.com/2010/04/17/what-can-i-do-if-im-fac
If you are considering a Short Sale as your alternative (which I think is your best option), please feel free to contact me, so I can provide you with more information, and so I can show you, how a Short Sale may be best for you.
I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.
De Vonte Williamson
Licensed Real Estate Salesperson
Serving Long Island & Queens
Coldwell Banker Residential
"I Stand Behind Getting You Results!
Your Trusted Real Estate Professional for Life!"
Here's what I recommend to do:
1. Hire a good, tough Attorney. PAY the Attorney the retainer fee. Attorneys don't give advice for free; they certainly don't begin representation without a retainer fee.
2. Get your home listed for sale with an experienced local Realtor. Short sale is probably your only option but you won't know if your Lender will accept it without a real deal on the table. That means a Buyer with a signed contract and your complete financial package ready to present to your Lender for the short sale approval process.
3. Prepare NOW to move out.
Sorry for being so blunt, but you don't have much else in the way of options.
Good luck to you.
Home and Hearth Real Estate
230 Merrick Road
Oceanside NY 11578
Gina Lollo, MA
Certified Buyers Agent
Short Sale Specialist
Now, you are saying that you were wrong.
No Bank, especially yours, is going to give you another chance.
The best you could hope for is to ask the Loss Mitigation Department if you can do a Shortsale; this will give you more time and lighten the impact on your credit score.
They will ask you for a HARDSHIP letter, detailing your "circumstances".
Enlist the help of a Realtor and LIST the house before you send the letter. Include a copy of your Listing Agreement, a CMA, and a letter authorizing your Realtor to work with your Lender.
Good luck and may God bless