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

[patb]

[quote=fredo4] As we’ve seen, the system is set up to cater to the least responsible people in society [/quote]

That would be the Drooling, morons of Wall Street.

[CA renter]

[quote=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.[/quote]

From what little I know about it, they used to allow people to use their income from unemployment to qualify for a loan mod. It’s my understanding that they have stopped that practice sometime this year (the high re-default rate might have been a hint that it wasn’t the best move to allow UE payments to qualify for “income”…DUH!).

[CA renter]

[quote=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.[/quote]

From what little I know about it, they used to allow people to use their income from unemployment to qualify for a loan mod. It’s my understanding that they have stopped that practice sometime this year (the high re-default rate might have been a hint that it wasn’t the best move to allow UE payments to qualify for “income”…DUH!).

[CA renter]

[quote=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.[/quote]

From what little I know about it, they used to allow people to use their income from unemployment to qualify for a loan mod. It’s my understanding that they have stopped that practice sometime this year (the high re-default rate might have been a hint that it wasn’t the best move to allow UE payments to qualify for “income”…DUH!).

[CA renter]

[quote=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.[/quote]

From what little I know about it, they used to allow people to use their income from unemployment to qualify for a loan mod. It’s my understanding that they have stopped that practice sometime this year (the high re-default rate might have been a hint that it wasn’t the best move to allow UE payments to qualify for “income”…DUH!).

[CA renter]

[quote=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.[/quote]

From what little I know about it, they used to allow people to use their income from unemployment to qualify for a loan mod. It’s my understanding that they have stopped that practice sometime this year (the high re-default rate might have been a hint that it wasn’t the best move to allow UE payments to qualify for “income”…DUH!).

[Author]

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