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Answers (5)
- DiamondFundingCorp
- Contributions:454
To voluntarily stop paying a mortgage is just bad advice. The purpose of the short sale is to help you out of the situation. With the money the lender will lose on the sale, the least you can do is to continue paying until a buyer is found.
As mentioned below, if you stop paying, you will not be able to purchase for 3 years.
Technically, you can pay your escrows on your own directly to the county and/or the insurance company. The lender may also keep insurance on the property to protect their interests in the property.
As mentioned below, if you stop paying, you will not be able to purchase for 3 years.
Technically, you can pay your escrows on your own directly to the county and/or the insurance company. The lender may also keep insurance on the property to protect their interests in the property.
- wetdawgs
- Contributions:26833
Hopefully your attorneys both advised you that if you don't pay the mortgage plus escrow, you will have a longer wait until you can purchase again than if you keep payments up.
- Howard Vernick, "HowardVernick"
- Contributions:47
Your bank will not accept a partial payment, so if you are escrowing and you want to continue paying your mortgage you'll have to pay the entire amount.
Something to consider in your decision. The typical minimum waiting period to return to the mortgage market after the closing of a short sale is 3 years. We have programs now that will allow certain borrowers with previous short sales to enter the market quicker, but they cannot have any late mortgage or installment payments the 12 months prior to the short sale.
Just food for thought . . .
Good Luck
- Jay Armbruster, "JAYS1"
- Contributions:40
You're responsible for paying your mortgage!!! Just because you're relocating for a new job, that isn't an excuse not to pay.......unreal!
- shapiroamg
- Contributions:3058
If you have an attorney, you should be discussing this with him/her.
If I decide to stop paying my mortgage, does that mean mortgage and eschrow, or mortgage only?
If I stop, should I quit paying everything: mortgage, pmi, taxes, and home insurance? Or just the mortgage itself?
What happens if I pay mortgage only, but not any of the eschrow? Wouldn't that be considered I'm paying my mortgage, and therefore, I would not go delinquent on payments?
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