Comments on: Stop Making Mortgage Payments During a Short Sale?

By: Bill Gassett

Bill Gassett — Thu, 02 Feb 2012 23:16:03 +0000

Amanda you will be fine as long as you continue to make payments. The credit reporting will not change until after the short sale is completed and if you make payments your credit score will not be effected that much.

By: Amanda

Amanda — Thu, 02 Feb 2012 18:01:54 +0000

Hi Bill, Thanks for the article, it is very informative! My family is going to attempt a short sale, but we were planning on living in it while we’re doing that, for up to 3 months, then if it does not sell we are planning on just foreclosing on it. But we are planning on paying for it the entire time it is up for short sale as long as that is a route we can take. My question is how long does it take for the lender to report it to the credit agency? My concern is it will affect us renting another home if we do not move out immediately after starting short sale process. Thanks for any advice you have!

By: Bill Gassett

Bill Gassett — Wed, 01 Feb 2012 19:31:26 +0000

Dorothy assuming that the estate wants to short sale the property you are going to want to work with a qualified short sale Realtor. If you need help with this email me and I can put you in touch with a good agent in your area.

By: Dorothy Parker

Dorothy Parker — Wed, 01 Feb 2012 19:24:41 +0000

I am the executrix of my sister’s estate. I have informed the mortgage company that the estate is unable to continue the purchase of the house by paying the mortgage. I intend to send them one final payment as the estate have no more funds. What is my next step in this situation?

By: Bill Gassett

Bill Gassett — Thu, 26 Jan 2012 20:40:10 +0000

Chris – the seller can do whatever they wish as they still own the home. The lender however, would more than likely have a problem with the seller collecting rent. Of course the lender is not going to know this and it would not be in your best interest to create waves.

By: Chris Miller

Chris Miller — Thu, 26 Jan 2012 20:33:02 +0000

I have a question regarding early possession during a short sale. My situation is this: the owners are gone and their property is being sold as a short sale. We have been through the process of all the paperwork and approvals and now are just waiting for USDA to approve. We asked for early possession until it closes. Our realtor drafted a contract and submitted our request asking to move in prior to closing which has been given an estimated date of Feb 27. The seller countered our offer and requested $30 a day. Granted this house is being sold ‘as is”. At first we were annoyed at this request considering we had to have the utilities put in our name prior to the inspection process and now instead of having the house re-winterized we have left the utilities in our name. After the inspection there were multiple repairs noted. Some were general safety issues and another a code violation. None of these issues we asked to have repaired due to knowing the sellers position with it being a short sale for sale as is. I wasn’t aware a seller could request rent during a short sale. What do you recommend?

By: Bill Gassett

Bill Gassett — Mon, 23 Jan 2012 12:42:17 +0000

Hi Brenda – I assume that you are now the legal owner of the property since your husbands passing. Assuming this is true I don’t see why you wouldn’t be able to do a short sale but I would consult with an attorney.

By: Brenda

Brenda — Mon, 23 Jan 2012 03:54:34 +0000

I have a question for you my husband passed away last May I have keep our mortgage payment current, but money is running low. My husbands name was the only one on the home loan, I am thinking of doing a short sale can I? At this rate I won’t be able to make the payment much longer.

By: Bill Gassett

Bill Gassett — Fri, 23 Dec 2011 16:43:19 +0000

Hi Chris sorry to hear about your issue. I am not really sure what you are asking me in regards to a short sale?

By: chris

chris — Fri, 23 Dec 2011 02:02:03 +0000

Bill great write up!

I have an easy but a hard question. I really don’t want to do a short sale but feel that it is the only option my family and i are going to run in to. We bought a house back at the peak of the market for 85k. Had the house inspected and checked out ok. Said roof is great has 20yrs left or so. Good electrical. great water pressure. Yada yada. You understand the rest. After 4 years into the house I notice water coming into our bathroom. End up going up to the attic. Come to find out that when the roof was put on they put the wrong size sleeve around one of those pvc pipes that come out of the roof. Has a small amount of light coming in around the pipe and sleeve. This was our first home. The problem is that by the time I noticed the problem it has had about 5-7yrs of contamination and water damage. We have now been in the house for about 6 years and paying bi weekly payments. I have been working on trying to seal off the leak to stop it from coming in however it was so bad by the time I noticed that joists are rooting and wood from roof below shingles is gone and rooting in about a 3 ft square spot. Which means roof repair. And the ceiling in 2 rooms need to get redone do to water damage from standing water on top of the drywall. I cant go back on inspector or anyone because it has been to long. But the amount of money to pour into the house to fix it would be way more than the value of the house. I still owe 72k on it. And with the market the way it is If i did the improvements to the house that is needed to make it better and sell it would only gain me a couple grand in the selling price if not any. We want to move because I now have a 1 year old daughter and this house is not the best place for her. That doesn’t even count all the windows that are only 8 years old and are all bad do to the house settling. The house was moved to the spot it is at currently. They put new windows in right after it was moved. Any ideas?

Thanks in advance
Chris