I am current contained by my housing loan but am thinking of doing a short public sale on my house. should i stop paying immediately?
Answers: Here's the thing, if you are going to move from your home into a trailer then I would articulate go for it. Rolling lates (mortgage lates) are a big ding on your credit report. You will be spoiled goods to any lender out at hand. So if you are planning to move into another house, plan to rent for at least a year.
If I were you, I would hang around it out. Especially if you can make the mortgage payments. The housing market issue is a acting one. Eventually, all will look up again.
thats what my realtor told me to. and you shouldnt have much money within a bank. you'll fill out a budget form for mortg. company, ridge statement, hardship letters. once submit arrives, some bank akes about 2 mo. to answer beside decision. buyer has to be tolerant.
mortg comp. is gonna send appraiser to see the value.
some mound accepts shortsale, but (not sure how law is now) may result you surrounded by getting 1099c.
it's insane and stressful. mine resulted in foreclosure b/c bank rejected the extend.
because of that, i filed chapt 7 and got discharged.
if i didnt report bk, i'd probably be bugged hell out by collections.
Mortgage companies will not let you do a "short sale' unless you are at least 3 months at the back and the house is on the market. This is the rule in Texas.
If you are current next why are you doing a 'short sale"?