Answer: If you find yourself still in a financial bind even after doing a loan modification, it may make sense to do a short sale if your mortgage is underwater. In many cases you may qualify for up to $10,000 in relocation fees from your lender.
The transition from loan modification to a short sale is very easy since your file is already in loss mitigation. You will need a purchase contract from a qualified buyer, the buyer's proof of funds, and a listing agreement from a licensed real estate agent.
Have your attorney or a title company put together a proposed HUD statement which is a list of fees that are to be paid at the closing. This will give the lender an idea of how much they will settle from the closing.
Congress have passed laws several years ago to not only help homeowners get up to $10,000 in relocation fees through programs such as the HAFA program, and also not get hit with any deficiency losses that the bank will take from the underwater bailout.
For more information or a free consultation, feel free to contact us at info@myforeclosureconsultant.com
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