Posted on: 05th Apr, 2010 06:55 am
My spouse lost his job and we only have one income, can we do loan modification on all three mortgages loans we currently have? or would short sale would be our best solution?
Thank you,
Viyada
Thank you,
Viyada
Hi viyada!
Welcome to forums!
You will be able to apply for a mortgage modification on all the three loans. You will have to contact the lenders and inform them about your financial situation. Depending upon your financial situation, the lender will be able to let you know whether or not your request for loan modification will be accepted.
If you want to get rid of the property, then you can go for a short sale but you would be liable for the deficient balance resulting from the sale of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You will be able to apply for a mortgage modification on all the three loans. You will have to contact the lenders and inform them about your financial situation. Depending upon your financial situation, the lender will be able to let you know whether or not your request for loan modification will be accepted.
If you want to get rid of the property, then you can go for a short sale but you would be liable for the deficient balance resulting from the sale of the property.
Feel free to ask if you've further queries.
Sussane