Author of 'Realtors Guide To Short Sale Success - Eustis, FL
Short Sale Education
Interesting that they say you can live in the home until the new buyer closes, giving them enough time to make other arrangements and then say they are responsible to make their mortgage payment while the house is on the market.
Feb 28, 2010 11:27 PM
Coldwell Banker Realty - Seminole, FL
Tampa Bay Real Estate Specialist
Jeffrey,
I think you have misunderstood the information. What they are saying is those individuals who are about to miss payments or have already missed payments should stay in the home until the short sale closes.
There are several reasons for this. Give the homeowner time to save money while the transaction is being processed, the homeowner can maintain property condition for potential buyers. But most importantly prevent vandalism & theft
Wachovia will help homeowners who are current on their mortgage with a short sale should a short sale be the solution to prevent an eminent foreclosure. That being said, a homeowner who has an eminent default pending could do a short sale without missing payments therefore reducing the negative impact of missed payments on their credit report.
Please feel free to email me with any questions you have. Hope this clarifies the information.
Mar 01, 2010 04:43 AM
Rainmaker
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Gary Ricco
Tampa Bay Real Estate Specialist
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