If I’m trying to short sale my home do I still need to make mortgage payments?
Home Mortgage
eaquino1265 asked:
Do I still need to make my monthly mortgage payments if my house is listed for a short sale?
Adam
Do I still need to make my monthly mortgage payments if my house is listed for a short sale?
Adam
July 20th, 2009 at 4:01 pm
Shannon
Yes! Otherwise, your home could be foreclosed before you manage to sell it. Also, the fees for making late payments and the unpaid interest will pile up, making the loan balance much higher over a relatively short period of time. Ultimately, that means the short sale will have to come in for a greater amount of money.
July 21st, 2009 at 5:54 pm
Cody
If you don’t, you are rolling the dice, betting that it will sell before it forecloses. Chances are, the mtg co. is too busy to foreclose in a hurry, but it’s up to you. Most people don’t make their payments as the short sale is going to effect your credit longer than the late payments anyway. I would advise you consult your realtor or RE attorney to be certain.
July 24th, 2009 at 7:12 am
Kenneth
The longer you go without paying the higher your debt will become to the lender. Its pretty much up to you at this point your credit will already be ruin so perhaps at this time you should be saving your money to move as oppose to paying the mortgage.
July 24th, 2009 at 7:26 pm
James
yes, you do. are you really doing a short sale, or are you just trying to sell the home quickly. that is two very different things. one will hurt your credit and the other will not. irregardless, you need to make your payments on time up to the date that the property sells, and is closed upon. period.
July 28th, 2009 at 12:26 am
Darryl
That depends. Do you want to try to finance the purchase of another home before you short sell your current house? Then yes. As soon as you run late, you’re going to have a hard time getting another loan. If not, then it doesn’t matter, at least from a credit perspective. From the short sale perspective, the short sale is more likely to approve if the bank sees that you really can’t keep paying. So, there is no cut and dried answer to your question. If you want information on successfully getting your short sale approved, then you should get The Complete Short Sale System at. Good luck.
July 30th, 2009 at 7:30 pm
Debra
email me if you want to short sale i know someone who can do it fast for you