Loan Modification

My coworker is in short sale with his lender. I am familiar with the Mortgage Debt Relief Act of 2007, but I don’t know if he is in short sale trying to sell the property, if the bank can foreclosure in the process. He is about 2 months behind on the notes. He has about 20 more days before he’ll be 3 months. Does the fact that he is in short sale agreement with the lender keep him from foreclosing? I told him it is better if he can get the short sale to occur rather than foreclosing.

Related Posts:

• December 17, 2009 -- Verified Short Sale And Deed-in-lieu Results
• January 14, 2010 -- During A Short Sale, Does The Title Get Deeded Over To The Seller Before The Lender Approves The Sale?
• January 29, 2010 -- How Bad Does A Short Sale On The Mortgage Effect Your Credit?
• January 18, 2010 -- Pre Foreclosure Guidelines and Short Sale Negotiations
• November 15, 2009 -- Understanding a Short Sale
• October 21, 2009 -- Is It Better To Short Sale Or Refinance Your Home?

Tags: Agreeing, Bank Foreclosure, Coworker, Debt Relief, Foreclosure, Foreclosure Process, Keep, Lender, Mortgage Debt, Relief Act, Sale, Short, Short Sale

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