Home Selling in Matteson>Question Details

Regina Walla…, Real Estate Pro in Orland Park, IL

I completed a recent loan modification this year, can I sale the home right away? Are there any penalties for the sale? What are consequences?

Asked by Regina Wallace, Orland Park, IL Wed Dec 1, 2010

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I agree with Jose, short sales have been done with no problems after a loan modification but it does depend on your bank's cooperation. I would recommend that you not only look over your loan modification papers, but you should also contact an expect real estate agent who works with short sale attorneys and deals with short sales. Some banks have information on websites explaining how their short sales work so you should check out your bank's website.
1 vote Thank Flag Link Thu Dec 2, 2010
We've done loan modifications and then short sale the property without a problem, but it all depends on your financial situation and the bank's cooperation. As you know most of the modifications have re-defaulted.

Good Luck!
0 votes Thank Flag Link Wed Dec 1, 2010
Hi, It depends on any prepayment penalities from your Lender, check to see.
0 votes Thank Flag Link Wed Dec 1, 2010
Best thing I can say is read the modification agreement that you signed.
Web Reference: http://www.footeteam.com
0 votes Thank Flag Link Wed Dec 1, 2010
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