We recently had a conversation with the regional foreclosure manager for countrywide.  It seems ethe lenders are now making a big push for Loan Modifications.  Based on some of the approval letters we are seeing, it seems that the lenders have decided they prefer Loan Mods to short sales. 

Why do I say that?  Because lately it has been much more difficult to get the lenders to release the sellers form a deficiency. 

There a couple of things to look out for when doing a loan modification... First you want to make sure you are good candidate for a loan mod. Do you or will you have the preferred Debt to Income ratios?  Is just one of th questions you should ask your Loan Mod negotiator?

One of the most important questions you should know is whether your loan modification is going to cuase you to lose some of your anti-deficiency protections under California law.

For more info on loan modifications vs short sales.

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