Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

Stop payments for short sale - Should I go for this option?

Posted on: 27th Mar, 2008 07:50 am
Hello,
I am planning on stopping payments to expedite a short sale for my Primary home from next month. I have a propertytax bill as well that is due early next month. Should I be paying the Property Tax to protect myself or Can I just ignore it?
I have 1st loan with INGDirect and I dont have a second loan. This is refinanced mortgage. I am upside down on the price. Bought it 2 years ago and the price is 180K less than I owe to bank. My commute is 3-4 hours daily and this is stressing me. I am not sure of lender would let me do a short sale as the difference is over 180K. Should I stop payments before even bringing this with the lender and talk to them about short sale once they contact me? what happens if i stop making payments while trying to get a short sale?
I have 401K, cars and future paychecks from work. Since, I dont have 2nd mortgage, am I protected in terms of these?
Thanks for your help..
Hi kingno,

It's nice to see you back in the forums and good to know that got a mortgage and you were able to buy a property of your own within 1 year of short sale.

Thanks
Posted on: 23rd Oct, 2010 12:00 am
hi, the last post i see on here is from october, 2010, i was wondering if anyone still reviews this, if so, i have a question in regards to negotiating a short sale with my bank. i am upside down about 30k, don't have the money to pay the difference, and renting would come up about $500 a month short of my monthly payments. the problem i have is i have never missed a payment and make enough to cover the current payments, but unfortunately i do not qualify for any refinance program and can't afford to take a second loan out. is this a situation you guys would recommend in me going to the lender and asking them to short sale? thank you.
Posted on: 02nd Mar, 2011 04:39 pm
Welcome SeanL,

You can contact the lender and apply for a short sale. However, the lenders normally offer a short sale only when the borrower is delinquent on their payments. Nevertheless, you should contact your lender and check out if he can help you in this matter.
Posted on: 02nd Mar, 2011 10:18 pm
Homeowner's are forbidden from receiving any proceeds from the sale of their home. Keep in mind that as an incentive for the lender to accept less than what they are owed, they will mandate the defaulting homeowner not receive any money whatsoever, without exception.

[URL Deleted as per forum rules. Thanks.]
Posted on: 04th Mar, 2011 12:46 am
Hi kish,
i am too in the same boat as you. i m upside down 100k. our income is around 140k.
what kind of hardship cn u project with this kind of income to get the bank to approve short sale or deed in lieu.
Posted on: 13th May, 2011 03:04 pm
Hi karee,

While you apply for a deed in lieu of foreclosure or a short sale, you need to provide the lender with a hardship letter wherein you need to mention your financial hardship. Unless the lender is convinced about your hardship, he won't consider your request.

Take care.
Posted on: 16th May, 2011 02:19 am
Page loaded in 0.165 seconds.