Our realtor is surprised that we have continued to make payments on our house thru the drawn out short sale process. I know that most people who choose a short sale have already defaulted on their loan, however, we have not. We've never paid late. We're very dedicated to having a clean credit report. (We unfortunately had no choice but to try to do a short sale because of some other circumstances). SO, I just want to know if it even matters (now that we're doing this short sale) if I make our house payments! My reasoning has been that I didn't want dings on our credit for being 30 days late...but maybe I'm all wrong...??? Thanks for any input!
2006-12-09 03:12:38 · 7 answers · asked by jon & Corrie A 1 in Business & Finance ➔ Renting & Real Estate
I think you are doing the right thing.
Continuing to make payments will help you keep your credit clean for when you want to borrow again to buy again. It also keeps you covered in case something falls through and the sale of your house takes longer than expected. Until you have actually closed on the sale of a house, you have no guarantees. If you have paid part of a month when the house is sold, you'll just get that money back at closing.
Just because everyone else is doing it doesn't mean it is wise financial practice.
2006-12-09 03:17:40 · answer #1 · answered by professor mom 3 · 0⤊ 0⤋
The real estate agent may not be very knowledgeable credit or just may not care about your credit standing. I am a Mortgage Advisor in California and I see daily how mortgage lates will ruin your credit score. I would continue to make all of your payments until your home sells. If you just stop paying the mortgage lates will make it hard to get a good home loan in the future. I think you are doing the right thing for your financial future so keep up the good work! If you have any questions regarding home loans please feel free to contact me toll free at: 1-866-892-9259
2006-12-10 14:13:46 · answer #2 · answered by Gary-Consumer Direct Lending 1 · 0⤊ 0⤋
I sympathize alongside with your concern. I agree that a quick sale is in all probability no longer a possible selection, as you have already desperate. Renting could be an selection, yet make certain you're waiting to be a landlord of a miles off belongings. There are advantages to renting, if the numbers make experience, besides the shown fact that it relatively is extra of a headache than you bargained for. there could be traders on your section which provides you a answer. If the loan is stable, some traders could be keen to purchase the valuables concern to the contemporary loan (the place the investor will pay the economic employer the month-to-month loan) so as that they do no longer might desire to qualify for a private loan or pay mortgage costs. This in all probability might in straightforward terms artwork if the investor can lease it for a income, or make the sewer and different advancements and sell it for a income. attempt looking an skilled investor on your section that has funds or get admission to to very own money that may no longer constrained with the help of FHA rules. you would be taken aback with the help of the creative recommendations a physically powerful investor can arise with for you.
2016-10-14 08:18:48 · answer #3 · answered by Anonymous · 0⤊ 0⤋
keep on paying, you owe the money, and you say you want the good credit. You never know what may happen with the sale anyway, and why rack up late fees and interest you dont have to.
2006-12-09 03:14:59 · answer #4 · answered by rand a 5 · 1⤊ 0⤋
Better safe than sorry - be smart - make the payment. The next time you are looking for financing for a home, this will possibly be a factor.
2006-12-09 03:15:46 · answer #5 · answered by Paul H 6 · 0⤊ 0⤋
YES, YOU NEVER KNOW WHAT MAY HAPPEN WITH THE SALE. IF THE SALE DOES NOT GO THROUGH THAT YOU HAVE TO PLAY CATCH UP. AND THEN YOUR CREDIT CAN SUFFER
2006-12-09 03:23:11 · answer #6 · answered by Anonymous · 0⤊ 0⤋
yes keep paying on your house so you may have good credit
2006-12-09 05:41:30 · answer #7 · answered by pattibcacl 6 · 0⤊ 0⤋