Short Sale a Must?

On January 10, 2013, in Bankruptcy, Foreclosure, by Robbie L. Vaughn, Esq.

Short Sale

I already modified my mortgage, but because of new circumstances I am late again. Must I Short Sale my home now?

Not necessarily.

You may be able to get another loan modification based on your “new circumstances.” The HAMP guidelines were recently changed to address this situation. Homeowners who have defaulted on a trial or permanent HAMP loan modification are now eligible for a new HAMP loan modification. Additionally, the bank can always offer you an in-house loan modification if they want to. You may have several other options you can explore before doing a short sale. One of your options may be a chapter 13 bankruptcy. We have developed several strategies to assist distressed homeowners. A Short Sale is never the first option! It may be a good idea to consult with an attorney before making a final decision.

Foreclosure Defense Attorneys

Call  the Law Firm of Vaughn, Weber & Prakope, PLLC at (516) 858-2620 to discuss your options. 

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