Short Sales And Missing Mortgage Payments

Welcome to Group 4610′s blog. We are Kevin Kauffman and Fred Weaver, Arizona’s Best Short Sale team. We have closed hundreds of short sales over the past few years. Nevertheless, this video isn’t about us, it’s about you!

One of the frequent discussions we have with house owners is about missing payments. Many of these house owners are still current on their mortgage payment. Perhaps they have not yet experienced the cut in their wages or they haven’t entirely used up their full savings account thus far. They often want to know whether they should or ought to not miss payments.

Recognize a few things about short sales. It is possible to complete a short sale without missing payments. Nevertheless, with the regularity that short sales are being completed, the banks are not even allowing for a short sale until the house owner is missing payments. We suppose that the banks have made that change because they don’t want the property owner to take advantage of a short sale and still dodge the harmful effects of missing payments. Additionally, it is certainly a way for the banks to keep short sale numbers down. There is not a single bank in the nation that has enough staff to handle the short sale packages they already have.

We are never going to tell you to make or miss your payment. Nonetheless, we can tell you that the bank will want to witness you miss some payments before they choose to even look at your short sale. Most of our clients are ok with the credit hit and knowing that they can get back into a home in a couple years. We will talk about the decisions that are facing house owners in a future episode.

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Get more information on selling your home from Kevin and Fred at My First Short Sale by the Short Sale Specialists of Arizona