Can You Go For A Short Sale And loan Mod. At The Same Time?

Chandra and Catherine have it right on! There is an issue of ethics that should guide our efforts. We should NEVER, EVER advise a client based on What's in it for me.

Integrity is our most valuable asset and if we sacrifice our integrity to make a buck, we have nothing left to offer.

As for trying to accomplish loan mod and short sale simultaneously -- no way. They involve different strategies and different objectives. A loan modification is the appropriate strategy if the borrower qualifies AND if they want to remain in their home. Only if their efforts to secure a loan modification have failed should the idea of a Short Sale be discussed.

If you approach every client in terms of what is best for the client, in the long run you will earn their respect and trust which will produce far more future business than the possible gain you might receive from steering them in the direction that benefits you rather than them!

John Cleek

I thought that since Thornburg Mortgage was in bankruptcy, that they ceased doing loan modifications last year. Prior to that they weren't doing them as they didn't have the capital to buy the mortgage from the investors for the short time frame to do the modification.

Chandra<

Question? A client has no NOD yet, have been working with bank for 6 months on Modification and turned down, saying the make too much money. A family member has stepped in and offered to pay their loan off in cash. They will be making agreements with the family member for repayment. Do you think or is it possible for them to as for a pay off amount, less than owed? Or do you have any suggestions on this?

I would appreciate your opinion.

Thank You

Josie

There is no obligation on the part of the lender to discount the loan but it would certainly be worth making a request.