Hope I can give you positive information.
Catherine Haney DRE #01461878
Broker Associate with Shear Realty
Call me direct (774) 420-6017
Dre License # 01805266
Best of Luck,
Banks are very slippery these days, they make more money by foreclosing or short selling than modifying your loan. I suggest you see a professional, but keep in mind it is illegal for an attorney to charge you up front for a loan modification, only if they are successful would you pay. Also, you might want to short sell due to the fact the deficiency amount will be forgiven until the end of the year, then it will show up on your taxes as Capital Gains.
Sunset Breeze Real Estate
Brokier (760) 241-9988
I agree with Felix. I've completed quite a few Short Sale transactions. Some, however, cannot be saved. Be sure you know when to say when. Be sure to interview a few Realtors, and get their professional opinion.
Keep in mind, if you cannot save your home, you may have to rent. A landlord will review your forclosure/short sale to determine your creditworthines.
If you play your cards correctly, you can purchase as soon as 2 years after a short sale. Two years go quickly. The important part of this is that the 2 year clock starts AFTER the short sale is completed. Additionally, there may be tax advantages for you to complete your short sale before the end of 2012!
Give me a call if there is something I can do to help!
Bo Goulet, cdpe
The real question is - can you afford the payments. If you cannot, no amount of money you pay to an Attorney will "save your home." They can delay the bank from taking it but saving it is completely different. Consult with some bankruptcy attorneys and attorneys that help with modifications. Make sure to ask a lot of questions and get specific answers.