Can I skip my house payment now that my home is under contract?

By
Real Estate Agent with RE/MAX Stars Realty

When a homeowner accepts a purchase agreement and their property goes under contract with a buyer we find that many sellers are curious if they have to make their upcoming mortgage payment. It is very important that the property owner continues to make their mortgage payment on time especially if the homeowner is planning to buy another home. Not making your mortgage payment will create several challenges that you will want to avoid.

  1. You will be charged a late fee due to your delinquent mortgage payment.
  2. Your credit score could take a hit which could jeopardize your ability to get a new home loan.

Thanks for watching this episode of Two Minutes on Tuesday!

Sam Miller of REMAX Stars Realty

710 South Main Street

Mount Vernon, Ohio 43050

740-397-7800 office

SamMillerSells.com

 

#TwoMinutesOnTuesday

Comments (3)

Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

Great question and answer post!  I shudder at the thought of a seller skipping a payment because they think it's OK to do so.

Oct 19, 2021 07:20 PM
Sam Miller

Hi Georgie, Thanks for commenting and I can relate to the "shudder" because I have experienced that myself.

Oct 20, 2021 03:03 AM
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Sam- very good information especially for those who may be first time sellers or who haven't sold in years.  They need to maintain their home just as they always have. 

Oct 19, 2021 07:34 PM
Sam Miller

Thanks Kathy!  I agree and I can relate to a 1st time seller not realizing that they need to make their house payments because in so many sellers minds the moment they sign a purchase agreemet many believe their home is sold.

Oct 20, 2021 03:10 AM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, eXp Realty - Kalispell, MT
Helping your Montana dreams take root

Oh my. I had a seller once who stopped paying his mortgage, unbenownst to me. He ignored letters from the bank. So imagine my surprise a few weeks before closing when I went to the house and couldn't get in because there were padlocks on the doors. The bank had come to take the home. Luckily we got it all straightened out, and closed on time, but wow, that was quite the surprise.

Oct 20, 2021 05:54 AM
Sam Miller

Thanks for commenting Kat!  I bet that was a real shocker when you arrived and the house had been secured by the lender.

Oct 20, 2021 06:47 AM