Should I Continue Paying My Credit Cards During A Morris County Short Sale?

Morris County NJ – The Stop Foreclosure Institute recently received a question from Paul. Here is Paul's Question.

"I am selling my house as a short sale. I am behind on the mortgage payments. Do you think I should still pay my credit cards?" Paul.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is our answer. I all depends on what is important to you. Can you afford your mortgage payment if you stopped paying the credit cards?

If the answer is yes and you don't want to move, then I would recommend that you stop paying the credit cards. Obviously that will hurt your credit.

But, if you want to keep your home, then you will probably think it is worth it. Then again, I have seen people who would rather have the good credit.

However, if you do want to move, then it would be better to keep paying the cards and short selling the house.

Missed mortgage payments won't have too much of an impact on your credit score 12-18 months down the road, especially if you short sale.

However, a credit card that you never pay on again will stay on your credit for a longer time. The debt will show up as written off and that impacts your credit for a longer time than missed payments.

Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at merydith.endelman@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Morris County loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Merydith Endelman.

Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:

Phone: 877-722-8553. merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.

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Important Notice

Merydith Endelman, Realty Executives International, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Endelman's personal views and do not reflect the views of Realty Executives International.

This information on Should I Continue Paying My Credit Cards During A Morris County Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.