I have received many calls from previous buyers asking me if they should try to negotiate with their bank to modify their mortgage loan. My advise is that they do it with the help of someone who has done it before. If you give your bank the wrong financial numbers or cannot prove your financial hardship correctly you might be declined the opportunity.
I have only done a couple of negotiations myself and both times I was able to get a reduction on their current payment.
Do try to save your home by asking for a modification before you decide to do a short sale.
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Faby you are correct. A short sale has tax consequences that a loan modification does not. Great advice!
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