Don’t OVER Disclosure accidentally. Banks are tricking consumers by asking if the borrower would like to do a loan modification, only to use that financial information against if you need to eventually pursue a short sale.
IndyMac-Be careful about offering up financials! Your finances could be used against you later on.
Opum Bank is being proactive with their loans and is contacting clients offering principal reductions.
Bank of America will not do principal reductions. They also do not like loan modifications! They are in the business of making money, they don’t care about someone’s personal attachment to a property. You have to be 90 day late on your mortgage payment for BofA to approve a short sale. But don’t wait until you are 90 days late to start a short sale. Start right away!
Wells Fargo is starting to think about doing principal reductions. But is not entirely on board yet. They do want to keep people in their homes and work with you more than BofA.
Pay your HOA dues!!!!! If you have certain home bills and only a small amount of money, pay your hoa bill! That could be a make it or break it for getting short sale approval.
