Should my friend attempt a loan mod or do a short sale?

[briansd1]

I wonder, is someone who is out of a job and without income entitled to a loan mod or short sale?

Or should foreclosure be the best market-based approach.

[SD Realtor]

Loan mods are not generally “given away” and there are underwriting guidelines that apply which include employment, income, viability of maintaining the loan, etc… I just obtained a client who owns in Oceanside and she did a loan mod last year, and is now short selling.

What your friend should do is figure out exactly what they can afford and if a loan mod cannot bring them down to affordability, they should most likely sell. In the end it is most likely a moot point because it does not sound like they will meet the criteria needed for the loan mod. (which may be in their best interest given the rate of recidivism for loan mods)

[SD Realtor]

Loan mods are not generally “given away” and there are underwriting guidelines that apply which include employment, income, viability of maintaining the loan, etc… I just obtained a client who owns in Oceanside and she did a loan mod last year, and is now short selling.

What your friend should do is figure out exactly what they can afford and if a loan mod cannot bring them down to affordability, they should most likely sell. In the end it is most likely a moot point because it does not sound like they will meet the criteria needed for the loan mod. (which may be in their best interest given the rate of recidivism for loan mods)

[SD Realtor]

Loan mods are not generally “given away” and there are underwriting guidelines that apply which include employment, income, viability of maintaining the loan, etc… I just obtained a client who owns in Oceanside and she did a loan mod last year, and is now short selling.

What your friend should do is figure out exactly what they can afford and if a loan mod cannot bring them down to affordability, they should most likely sell. In the end it is most likely a moot point because it does not sound like they will meet the criteria needed for the loan mod. (which may be in their best interest given the rate of recidivism for loan mods)

[SD Realtor]

Loan mods are not generally “given away” and there are underwriting guidelines that apply which include employment, income, viability of maintaining the loan, etc… I just obtained a client who owns in Oceanside and she did a loan mod last year, and is now short selling.

What your friend should do is figure out exactly what they can afford and if a loan mod cannot bring them down to affordability, they should most likely sell. In the end it is most likely a moot point because it does not sound like they will meet the criteria needed for the loan mod. (which may be in their best interest given the rate of recidivism for loan mods)

[SD Realtor]

Loan mods are not generally “given away” and there are underwriting guidelines that apply which include employment, income, viability of maintaining the loan, etc… I just obtained a client who owns in Oceanside and she did a loan mod last year, and is now short selling.

What your friend should do is figure out exactly what they can afford and if a loan mod cannot bring them down to affordability, they should most likely sell. In the end it is most likely a moot point because it does not sound like they will meet the criteria needed for the loan mod. (which may be in their best interest given the rate of recidivism for loan mods)

[fredo4]

Do banks look at savings or other assets when considering loan modifications or is it mostly (or all)dependent on income?

[fredo4]

Do banks look at savings or other assets when considering loan modifications or is it mostly (or all)dependent on income?

[fredo4]

Do banks look at savings or other assets when considering loan modifications or is it mostly (or all)dependent on income?

[fredo4]

Do banks look at savings or other assets when considering loan modifications or is it mostly (or all)dependent on income?

[fredo4]

Do banks look at savings or other assets when considering loan modifications or is it mostly (or all)dependent on income?

[fredo4]

I think we’re long past the point of entitlement being an issue. As we’ve seen, the system is set up to cater to the least responsible people in society (which they aren’t). And as far as a market-based approach is concerned, her husband, a computer software designer, should be able to find another well paying job soon. I know that banks aren’t really excited about getting any new inventory that they’ll have to later unload. So, while I’m no expert, it seems like she might have a good chance on getting a loan modification. I’m wondering what sd and SD’s (realtors) opinions are on this, since I’m sure they see it everyday.

[fredo4]

I think we’re long past the point of entitlement being an issue. As we’ve seen, the system is set up to cater to the least responsible people in society (which they aren’t). And as far as a market-based approach is concerned, her husband, a computer software designer, should be able to find another well paying job soon. I know that banks aren’t really excited about getting any new inventory that they’ll have to later unload. So, while I’m no expert, it seems like she might have a good chance on getting a loan modification. I’m wondering what sd and SD’s (realtors) opinions are on this, since I’m sure they see it everyday.

[fredo4]

I think we’re long past the point of entitlement being an issue. As we’ve seen, the system is set up to cater to the least responsible people in society (which they aren’t). And as far as a market-based approach is concerned, her husband, a computer software designer, should be able to find another well paying job soon. I know that banks aren’t really excited about getting any new inventory that they’ll have to later unload. So, while I’m no expert, it seems like she might have a good chance on getting a loan modification. I’m wondering what sd and SD’s (realtors) opinions are on this, since I’m sure they see it everyday.

[fredo4]

I think we’re long past the point of entitlement being an issue. As we’ve seen, the system is set up to cater to the least responsible people in society (which they aren’t). And as far as a market-based approach is concerned, her husband, a computer software designer, should be able to find another well paying job soon. I know that banks aren’t really excited about getting any new inventory that they’ll have to later unload. So, while I’m no expert, it seems like she might have a good chance on getting a loan modification. I’m wondering what sd and SD’s (realtors) opinions are on this, since I’m sure they see it everyday.

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