Miss MY PAYMENT?????

Do I have to miss a payment or do I have to continue making payments during the short sale process. As a short sale specialist and a Phoenix realtor who has closed more than 80 short sales, I CANNOT answer that question. I can advise you on the ramifications if you stop making your mortgage payment and the plus/minus of making your mortgage payment.

****Miss your mortgage payments---your credit score is negatively going to be impacted and your deficiency is going to increase.

****Continue making your payments---score is going to be less affected, may be able to qualify for another mortgage faster than if you would have stopped making payments. Less deficiency the bank will be requested to share.

In some cases, the lenders guidelines will be the one to decide if you continue to make your payments or miss. If your loan is backed by Fannie Mae or Freddie Mac, they will not approve a short sale if the seller is current on payments. Each bank is going to treat miss payments differently, contact the Steve Horn Team directly and we will assist in your short sale negotiations and short sale advice.

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