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If payment is missed?

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Icon Mini Profile kandezz33





Joined: 19 Apr 2010

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Post Posted: Mon Apr 19, 2010 7:50 am    Post subject: If payment is missed?
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Hi I am wondering what would happen if I missed a payment during the short sale that I am in? How would it affect my short sale and my credit score? Would it increase my chances of the bank trying to foreclose on my home? Also what happens if I pay some of the mortgage payment?
Icon Mini Profile JKennedySLG
JKennedySLG
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Joined: 01 Apr 2009

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Location: New Jersey/New York
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Post Posted: Mon Apr 19, 2010 8:50 am    Post subject:
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A short sale is going to impact your credit and going late and then doing a short sale will seriously impact your credit and make it hard for you to find financing after the process. If you are foreseeing not being able to make your full mortgage payment, then you should contact your lender as soon as possible and see what they can do to assist you. I hope this helps...
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James Kennedy
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(732)979-7409

Hard Money & Stated Income Loans
First Time Home Buyers (540+ Credit)
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