It is a tough question to answer. It all depends on what the terms of the loan mod are, if there is an actual reduction in your balance or are they backloading it… etc….

So you can either loan mod it, short sell it, or you can simply walk away as well. You can also talk to the bank about a deed in lieu of foreclosure which is basically handing them the keys but doing it in a more structured manner then simply letting it go to foreclosure. I also assume there is only 1 loan on the home.

The rate of recidivism on loan mods is quite high. I am not sure a loan mod will give you the security you are seeking. However if it substantially reduces your monthly payment WITHOUT hurting you on the backend (ie – they backload the deferred interest) then maybe that works for you.

Unfortunately without running the numbers it is hard to say. Many people complain about the short sale process and it is a pain in the butt. However most people who do go through and complete it, feel much better after they are out from under that debt load. At least that is my experience. sdr does alot of short sales and he may have advice on that as well.

It is a tough question to answer. It all depends on what the terms of the loan mod are, if there is an actual reduction in your balance or are they backloading it… etc….

So you can either loan mod it, short sell it, or you can simply walk away as well. You can also talk to the bank about a deed in lieu of foreclosure which is basically handing them the keys but doing it in a more structured manner then simply letting it go to foreclosure. I also assume there is only 1 loan on the home.

The rate of recidivism on loan mods is quite high. I am not sure a loan mod will give you the security you are seeking. However if it substantially reduces your monthly payment WITHOUT hurting you on the backend (ie – they backload the deferred interest) then maybe that works for you.

Unfortunately without running the numbers it is hard to say. Many people complain about the short sale process and it is a pain in the butt. However most people who do go through and complete it, feel much better after they are out from under that debt load. At least that is my experience. sdr does alot of short sales and he may have advice on that as well.

It is a tough question to answer. It all depends on what the terms of the loan mod are, if there is an actual reduction in your balance or are they backloading it… etc….

So you can either loan mod it, short sell it, or you can simply walk away as well. You can also talk to the bank about a deed in lieu of foreclosure which is basically handing them the keys but doing it in a more structured manner then simply letting it go to foreclosure. I also assume there is only 1 loan on the home.

The rate of recidivism on loan mods is quite high. I am not sure a loan mod will give you the security you are seeking. However if it substantially reduces your monthly payment WITHOUT hurting you on the backend (ie – they backload the deferred interest) then maybe that works for you.

Unfortunately without running the numbers it is hard to say. Many people complain about the short sale process and it is a pain in the butt. However most people who do go through and complete it, feel much better after they are out from under that debt load. At least that is my experience. sdr does alot of short sales and he may have advice on that as well.

You are more likely to get a loan mod if its your residence. You can get a loan mod fairlyu easily with a conventional 1st loan if that $2600 is more than 31% of your gross monthly income. The 2nd is another matter. With a short term plan anyway to sell in 3 to 5 years I’d probably sell but its really a personal decision only you can make. I can tell you there is good demand in your area. I just got another short sale approval this morning for a condo in Point Loma so I have seen that demand up close the last few months. The key to a short sale is your lenders. If you want to send me a private message with the names of the lenders I can give you better guidance.

You are more likely to get a loan mod if its your residence. You can get a loan mod fairlyu easily with a conventional 1st loan if that $2600 is more than 31% of your gross monthly income. The 2nd is another matter. With a short term plan anyway to sell in 3 to 5 years I’d probably sell but its really a personal decision only you can make. I can tell you there is good demand in your area. I just got another short sale approval this morning for a condo in Point Loma so I have seen that demand up close the last few months. The key to a short sale is your lenders. If you want to send me a private message with the names of the lenders I can give you better guidance.

I believe the government is urging the banks to do modifications for “responsible” home owners not greedy investors. What exactly is their definition of responsible is beyond me, but modifying a rental seems like it would be difficult.

I believe the government is urging the banks to do modifications for “responsible” home owners not greedy investors. What exactly is their definition of responsible is beyond me, but modifying a rental seems like it would be difficult.