Hi Kathleen,
You are so right. I am always amazed when I call on an expired short sale and they tell me their previous Realtor® told them to stop paying the payments. It scares me. The liability the agent takes on for ruining the clients credit! SCAREY.
You're right on Nona! That is the worst advice we can give a client and it can come back to bite us in lawsuits later if we do that! We're here to protect them and look out for their best interests and if they can pay the mortgage for a short period of time, they will have much better luck selling it.
Kathleen, you're right. However what I've heard in the biz is that a lender won't consider you for a short sale unless you become delinquent on your payments.
What's that all about?
Hi Larry,
I've heard that rumor as well, but I'm going to leave at being called just that. From my experience with selling short sales, my clients have kept paying their mortgages and have been able to get approvals that lead to the sale. If a lender tells them to stop paying to be considered, then we can do that from there, but better safe than sorry.
Great post Kathleen! Cutting down on the "just made it" transactions would be huge in the industry! Nothing more stressful than trying to cram in a 20 day closing on a property that is going to foreclose if we don't get it done...If Attorney Scott Wrenn said it then that's the way it is!
Kathleen
Outstanding post I feel the seller should continue to make the mortgage payments.
Good luck and success.
Lou Ludwig
Kathleen,
That was a great class! Lots of great information for sure.
Definitely will use Scott in the future.
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