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paying mortgage once short sale is APPROVED?

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jasonforest Joined: 29 Oct 2010 Posts: 2 1.00 Dollars($)	Posted: Fri Oct 29, 2010 4:10 pm    Post subject: paying mortgage once short sale is APPROVED? Like 0 Dislike 0 i was just notified the short sale on my house was approved. My wife and i have never missed a mortgage payment or bill of any kind- and the concession of the bank on the short sale was do to our increasing financial hardship. we were given a closing date in 30 days...and just put every penny we have left in our savings (well, just about) into a security deposite for an appartment. we have a mortgage payment due...now and one more due before we close. do I have to pay these since the bank agreed to the shortsale price based off of the numbers the house was at a month ago??? I don't how we would pay 2 more months of mortgage for a house we won't be living in, but could borrow money if we had to. help please!
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Fri Oct 29, 2010 4:53 pm    Post subject: Like 0 Dislike 0 Hi jasonforest, If bank has agreed for the short sale then I don't think that you should stress yourself to pay the remaining mortgage......if bank specifically asks you to pay the mortgage you may do so in order to save your short sale deed with bank.... Feel free to ask any further query if you have.... DIPA DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris
jasonforest Joined: 29 Oct 2010 Posts: 2 1.00 Dollars($)	Posted: Fri Oct 29, 2010 5:23 pm    Post subject: Like 0 Dislike 0 since the bank agreed (signed the ...HUD...i think it's called that) and set a closing date---does that mean they technically own the house from this point on? would not paying now until we close put us in default the way that not paying would normally... uproot our credit score more than it already is by the short sale?
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Fri Oct 29, 2010 5:38 pm    Post subject: Like 0 Dislike 0 If you are behind on the short sale payment (due date to pay one lump sum amount ) is already over then bank may revoke the whole process of short sale. Technically they owe the property after the due date.........I don't think it will further ditch your score anymore if you are not paying the remaining two installments (monthly ) of the mortgage. Feel free to ask any further query if you have........... DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris

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