In these clearly troubled times, paying the mortgage is sometimes a decision between Â feeding your children or paying for your home. Â No one should have to make that choiceâ€¦â€¦.I know which one I would pick for my family!
If you have a 2nd mortgage or a home equity line of credit (HELOC), I want to caution you on not making those payments, especially if you are trying to short sale your home.
Lenders of a 2nd mortgage or HELOC after 6 months of no payments, charge these accounts off. Â They write them off as bad debt and piranhaÂ debt collection companies buythese loans for pennies on the dollar. Â These piranha, aggressive companies are no where near as negotiable to deal with as the original lender!!
MOST â€“ not all â€“ of the lenders involved in short sales (assuming you have a justifiable hardship), are far more negotiable and forgiving of the debt remaining on the short sale. Â The piranhas want more money from you than the 1st lien holder will contribute. Â They are notorious for wanting promissory notes, and they VERY RARELY agree to waive their deficiency rights.
As tough as your financial times may be, and fully understanding that you may be counting your pennies daily, I strongly recommend that you do not allow the charge off to happen. Â Make a payment every other month or so. Â Doing so will, more likely than not, prevent them from charging off this debt.
Bobbie Files,Â C.D.P.E.
Certified Distressed Property Expert
Your Bristol and Plymouth County Realtor
508-238-5000Â x.296 Office
508-521-9480Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Direct / SMS
888-570-9907Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Toll Free Direct Fax
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For those struggling to pay your mortgage payments please visit:http://shortsales.berkleymass.com