Theoretically, yes. A foreclosure action is like a battle with a mythical beast which has many heads. Very often the legal department, the bank's mortgage division, and their modification division do not communicate with one another well, which leads to often times, confusion and inefficiency in handling these cases. You can always try to modify, if you qualify, and still have your house shown for sale. However, this does NOT stop the legal department from continuing to pursue obtaining a judgment against you and having the home taken through foreclosure proceedings. Also, whether the bank agrees to the modification, when it knows you are attempting to sell the house is another matter, which is why having counsel represent and guide you through these matters is often beneficial. Good luck with your endeavors!
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Yes it is possible to file for both, typically the lender will require much of the same information for either.
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Yes, but you should probably contact an experienced attorney to assist you with the paperwork. Some attorneys in your area will be able to charge you a flat fee for this sort of work.
I hate to disagree with everybody, but the answer is most likely no. If you are dealing with an institutional lender under HAMP or Freddie Mac/Fannie Mae, they are prohibited from "dual tracking", which means that they cannot consider you for 2 forms of loss mitigation relief at the same time. Even if they are not prohibited from dual tracking on your specific loan, most servicers and lenders have their own internal policies and procedures that prevent them from dual tracking your loan. You should consult with an attorney to help figure out which option is best for you. If you apply for, let's say, a loan modification and are denied, the lender should give you the reason for the denial and will usually suggest other possible relief that you can apply for. If this happens, you will probably need to submit a new application and start over again.
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You can easily avoid foreclisire but no need to file for each. You should speak to an attorney and depending on your income and expenses, see what you qualify for. The financial information provided in the RMA form for a loan modification is completely different from a short sale. So depending on whether you want to keep the property or sell it while waking away from any debt to the lender, both require certain ratios and numbers
The first consultation is free and can determine what you qialify for. If not Fannie mae or Freddie Mac you can obtain a principal forgiveness and interest rate of 2 percent
Simultaneously you can stop and avoid the foreclosure
The first consult is always free of charge
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