Short Sales And Missing Mortgage Payments
Welcome to Group 4610′s blog. We are Kevin Kauffman and Fred Weaver, Arizona’s Best Short Sale group. We have completed hundreds of short sales over the past few years. Still, this video isn’t about us, it’s about you!
One of the common discussions we have with house owners is about missing payments. Many of these house owners are still current on their mortgage payment. Maybe they haven’t yet experienced the decrease in their earnings or they haven’t totally exhausted their whole savings account yet. They often want to know whether they should or should not miss payments.
Realize a couple things about short sales. It is feasible to close a short sale without missing payments. Still, with the regularity that short sales are being completed, the banks aren’t even considering a short sale until the house owner is missing payments. We suppose that the banks have made that change because they do not want the residence owner to take advantage of a short sale and still dodge the harmful effects of missing payments. Moreover, it is definitely a way for the banks to keep short sale numbers down. There isn’t a single lender in the nation that has enough employees to handle the short sale packages they already have.
We are never going to advise you to make or miss your payment. Nevertheless, we can tell you that the lender will want to witness you miss some payments before they choose to even look at your short sale. Most of our customers are ok with the credit damage and knowing that they can get back into a home in a few years. We will talk about the decisions that are facing property owners in a future episode.
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Get more information on selling your home from Kevin and Fred at My First Short Sale by the Short Sale Specialists of Arizona
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