Buying A Home
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Short-Sale

I am currently selling my house as a short-sale.  We have been under contract with a buyer since August.  We are all getting so frsutrated at the time the bank is taking on this.  I want to stop paying the mortgage, my EXH does not.  He feels that our credit score will take more of a hit than if we pay up until closing.  I would like to speak to a professional about this.  Who should I speak to that deals with credit scores?  A bank?  Thanks!

Re: Short-Sale

  • We are in a similar situation. We paid a flat fee to an attorney to provide assistance. The credit score is going to take a hit no matter what as result of the sale since the loan was not paid in full. If you haven't reached out to the legal professional, I would suggest that to start with.
  • m+jm+j member
    Short sales are a tool for sellers who cannot afford their homes any longer due to a financial hardship.   If you haven't stopped making payments, how are you proving that you have a financial hardship?  No wonder the bank is taking so long--they likely won't approve a short sale for someone who is still current on their mortgage and therefore has no hardship!  You need to (a) get a realtor with short sale experience and (b) speak with a qualified attorney.  No offense, but it sounds like you have no clue what you're doing.
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  • This is not true anymore, in the past you had to be behind on your mortgage before banks would consider a short sale. Now, you do not have to be behind on your mortgage. Your hardship can vary from job transfer, loss of job, death, etc....My suggestion is to keep paying your mortgage. I have seen people who have not been behind on a payment not have their credit affected at all. What really adversly affects your credit is being behind on your mortgage, not neccesarily the short sale. Of course your credit report will show debt settled for less than amount owed, but your actual score may not suffer if you keep paying. Good luck!
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