Short Sale Prior To Default?

Hello Paul, I just approved for mortgage modification. However, it is not the Obama plan. I am paying about 48% of my income toward mortgage. It is not realistic number. My new trial period starts April 2010. I have gave a lot of thought. I thinking about just leaving the property by using short sale. Can I request a short sale whiling I am in new trial modification? Or do I need to default again and request Short Sale? Any advice would be help.

Jonah

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Hello Jonah,

Yes, you can request a short sale prior to defaulting.  Contact a local real estate agent and have the property listed on the MLS.  Then, once a potential buyer is located, enter into a purchase contract and submit the short sale to your lender.

Thanks for the questions and hope this helps.

Paul