Alex Silva is a broker, not a loan-modification company. He can show you what a short sale would look like, even during a modification review.
Keep the house or sell it
Loan modification
- You keep the home. Your servicer may extend the term, lower the rate, or delay or reduce part of the balance.
- It may start with a trial period of new payments before the change is permanent.
- A HUD-approved housing counselor can help you apply at little or no cost. Don’t pay a company fees up front.
Short sale
- You sell the home for less than you owe, with your lender’s approval.
- The lender usually weighs the buyer’s offer against its own valuation.
- Many short sales take a few months, depending on the lender.
- Alex handles the sale and the lender negotiation.
Loan modification or short sale: which fits you?
- Can your income support a modified payment? If not, a modification may not save the home.
- Do you want to stay? If you’re moving anyway, selling may fit better.
- Would a sale cover what you owe, plus costs? If yes, a regular sale may pay off the loan instead.
- Is a foreclosure sale date set? If yes, time is short. See selling in pre-foreclosure.
Applications, deadlines, and appeals
Both usually start with an application covering your hardship, income, and expenses.
Send a complete application early. For your main home, most servicers must answer in writing within 30 days if a complete application arrives more than 37 days before a foreclosure sale.
Denied a modification? If you sent a complete application at least 90 days before a foreclosure sale, you may be able to appeal within 14 days. The federal appeal right doesn’t cover short-sale decisions.
Before you choose
- Modification: what would your new payment and total balance be?
- Taxes: forgiven debt, from a principal reduction or a short sale, can be taxable. The federal main-home tax break generally doesn’t cover debt forgiven under agreements made after 2025. Ask a CPA.
- Credit: missed payments, a modification, and a short sale can all appear on your report, and the effect varies. Ask a HUD-approved housing counselor.
Alex Silva, broker
Voyance Real Estate is led by its broker and owner, Alex D. Silva, who has more than 30 years in real estate and holds Florida broker license BK3153327.
Short-sale negotiation is his specialty: lender approvals, second liens, and valuation disputes.
He works with homes, condos, rentals, and commercial property across Central and South Florida, in English, Spanish, and Portuguese.
Short sale vs. loan modification questions
Can I apply for a loan modification and a short sale at the same time?
For your main home, generally yes. Most servicers must review a complete application for all available options. Ask about both, and tell your servicer if you list the home.
Can the bank foreclose while my loan modification is pending?
For your main home, federal rules limit foreclosure while a complete application is under review, depending on timing. Keep responding to court papers, and confirm deadlines with a Florida attorney.
Do I still owe money after a short sale?
In Florida, a lender may be able to pursue a remaining balance unless the approval letter waives it. Have a Florida attorney review the letter before closing.
Background: CFPB: loan modification · CFPB: short sale · Find a HUD-approved counselor
General real estate information, not legal, tax, or financial advice.
Can’t afford the payments anymore? See what selling looks like.
Tell Alex the property, what you owe, and whether your servicer is reviewing a modification.