Foreclosure in 32526>Question Details

Pcolangel, Home Owner in 32526

My mortgage is 2 months behind. However, I have sold my home and the closing date is no later that the 7th of next month. Should I make the payment?

Asked by Pcolangel, 32526 Mon Feb 14, 2011

I have already contacted the bank to let them know the house has sold and will be paid off next month. Can they still start foreclosure procedings, or will they?

Help the community by answering this question:

Answers

10
Hi!

Contact your closing or title company since they will be arranging the payoff.

Hope that helped...
1 vote Thank Flag Link Tue Feb 15, 2011
You need to confer with your lender. We can not speak on behalf of any professional Many banks must comply with state law regards to foreclosures

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
1 vote Thank Flag Link Mon Feb 14, 2011
Absolutely do not get 2 months behind... it's a bad hit on your credit and may prevent you from buying another house.
1 vote Thank Flag Link Mon Feb 14, 2011
Don't assume the bank knows what you're doing --- you should contact them immediately to let them know the house is closing escrow soon. Since you're only 2 months behind, presumably you haven't received a Notice of Default yet.

If you're working though a title company, they should already have a HUD closing statement showing sold price, etc. In the statement, it should show prorations of payments (including taxes and insurance if these are paid with your monthly mortage payments), Contact your bank and give them this HUD statement to show where you are with the sale of the property.
1 vote Thank Flag Link Mon Feb 14, 2011
I agree but can only add that these days banks are more willing to work with someone who is capable and willing to hang on to their property. Follow the advice of the others, be persistant and friendly. A good attitude really goes far. Good luck.
1 vote Thank Flag Link Mon Feb 14, 2011
We can only speculate if the lender will begin the foreclosure proceedings or not. As David mentioned, please contact both the lender and the attorney, they will be able to guide you much better then us. Same applies to your past payments.
1 vote Thank Flag Link Mon Feb 14, 2011
Hi Pcolangel,

You should consult with your attorney if you should make the scheduled payment (s) or bring the past due ones current. He will need to order the pay-off amount a few days before closing. The point to keep in mind, payments are not considered late until 30-days past due...unfortunately these late payments will go on your credit history.

I would encourage you to speak with your attorney and your lender.

Best of luck and congratulations on your home sale.

David Jaffe-SRES, CDPE
Realtor-Coldwell Banker
1 vote Thank Flag Link Mon Feb 14, 2011
You should consult with your attorney if you should make the scheduled payment (s) or bring the past due ones current. He will need to order the pay-off amount a few days before closing. The point to keep in mind, payments are not considered late until 30-days past due...unfortunately these late payments will go on your credit history.

I would encourage you to speak with your attorney and your lender.

Best of luck and congratulations on your home sale.

â™’ SUNNY ISLES BEACH REAL ESTATE + INFORMATION â™’

MIAMI BEACH REAL ESTATE GUY

♒ ♥ ♒ WATERWAY REALTY, REALTORS® ♒ ♥ ♒
0 votes Thank Flag Link Wed Feb 16, 2011
Pcolangel,

I am assuming you are doing a traditional sale and your are not underwater on your mortgage and other obligations. I am reading into your question that you are having cash flow issues so hopefully the sale proceeds will take care of the note and other obligations.

I would certainly be in contact with both your lender and the title company so they know exactly where things stand and your agent is hopefully helping you along this path to closing. Remember there is many a slip twixt the cup and the lip and many transactions that are scheduled to close never get there so I would be very careful.

Best of luck and if I can offer anything additional please let me know.


Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"


Keller Williams Realty
561 308-0175
tom@tompriester.com
Web Reference: http://www.tompriester.com
0 votes Thank Flag Link Mon Feb 14, 2011
Pcolangel,

Is your property a short sale? Did the bank approve the sale? In the approval letter, did they ask for you to bring money to the closing table as a seller?

Bottom line...in a transfer of property (sale and purchase), the property must transfer with a clear Title. Maybe you should talk to your real estate agent or Title company to get the answer that fits your contract and approval from the lender.

Debbie Albert, PA
Keller Williams of the Treasure Coast
Web Reference: http://www.ronanddebbie.net
0 votes Thank Flag Link Mon Feb 14, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer