Lakeland FL Short Sale - Should I Continue Making a Mortgage Payment?
There are quite a few myths floating around with regard to making mortgage payments when considering doing a short sale on your Lakeland FL home. One of them is that you do not need to be in default with your lender in order to do a short sale.
While I am not a lawyer and can’t give you legal advice, I am well versed in Lakeland FL Short Sales and this question when asked should be answered by a real estate attorney who specializes in foreclosures and short sales.
Making your monthly mortgage payment during a short sale
Lender guidelines constantly changing and getting approved for a new mortgage is much easier when no mortgage late payments on your credit report were reported.
Short Sale an emotional roller coaster. Whether you decide to continue with your mortgage payments or not, make no mistake, the whole short sale process is an emotional roller coaster, your option may be far better than letting the home go into foreclosure.
You may not have a choice because of your financial hardship where you have to put the monthly mortgage payment towards food and utilities.
You may save the monthly mortgage payment for moving expenses.
While it is not required to be behind on the mortgage, lenders may act upon to approve a short sale quicker than if you are current on your mortgage payment.
You may stand a better chance in getting the deficiency waived by your lender due to financial hardship. Why would a lender spend their resources chasing an empty wallet?
Your credit score will definitely have a major impact whether or not you do a short sale or your home will be foreclosed on. While a foreclosure has generally the most detrimental impact on your credit score usually 200-300 points a short sale on the other hand drops generally 100-200 points depending on your credit history.
You will not be able to receive a Fannie Mae backed loan for two years now to purchase another home while doing a short sale.
IMPORTANT NOTICE: CDV Transatlantic,Inc. is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
Copyright © 2011 By Petra Norris * Lakeland FL Short Sale - Should I Continue Making a Mortgage Payment?*
Managing Broker - CDV TransAtlantic, Inc.
(863) 619-6918
