Foreclosure in Hayward>Question Details

Bipacal, Other/Just Looking in Hayward, CA

Ref The lender won't. OK good.Thanks to all of you. I really appreciate your answers. Now one more question.When he is in Short Sale process?

Asked by Bipacal, Hayward, CA Wed Feb 10, 2010

now, and he gets a modification offer, can go back and accept it? In other words can he keep both process continuing?

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It is unlikely teh bank will negotiate a short sale and a loan modifciation at the same time. I have however heard of this. It happens when differfent departments handle different negotiations and the one hand doesnt know what the other hand is doing. Usualyy teh loan modification and teh short sale each have a certain amount of days or time for you to accept or it becomes void if you dont sign the papers and get them back in time. good luck working things out.
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1 vote Thank Flag Link Wed Feb 10, 2010
Every lender I have dealt with says one or the other. I have successfully done both short sales and loan modifications in Hayward. Sometimes it is best that the seller remove the emotions from the decision and make a financial decision when considering a loan mod vs. short sale.
0 votes Thank Flag Link Fri Feb 19, 2010
Hi B,

Do you know of anyone who got a successful loan modification? I keep hearing that people are getting them but when I press them, they do not have any successfully done or know anyone who gets them modified. If the property is underwater how would a loan modification help you anyway?

Go for the short, undebt yourself "deleverage" and rebuild your real estate portfolio in the future the smart way! Good luck!
0 votes Thank Flag Link Thu Feb 11, 2010
Scott is correct usually the lender will do either one not both, if modify then in time seller can place home on market for sale.

Best keep looking for a home which may not have as many issues as this does therefore you can receive tax credit prior to 4.30 cut off date.

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0 votes Thank Flag Link Wed Feb 10, 2010
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