Can I STOP making my mortgage payments?
This is the question that plagues many homeowners today, particularly those who are considering short selling their homes. In fact, every since the real estate market declined and property values fell below the current market value, real estate agents have been inundated with homeowners asking if they should continue making their mortgage payments while pursuing a short sale. The TRUTH is…real estate agents cannot provide a definitive answer to this question…not because we don't want to. Real estate agents are not legally authorized to answer this question. To do so would be considered an act of "practicing law" and real estate agents are not attorneys. When faced with this question, the only sound advice a real estate agent can provide to you is...consult an attorney.
As professionals in the industry, real estate agents understand that many sellers are going through a very difficult and stressful time and we want to do everything possible to relieve you of the stressors associated with selling your home. However, instructing you to stop making your mortgage payments is not a decision we are authorized to make. If you encounter an agent who advises you to stop making your mortgage payments, please understand that this agent is not acting in your best interest or his/hers. An agent who is truly working on your behalf will advise you to consult an attorney and together the two of you can explore your options regarding any future mortgage payments.
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