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!
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.