Putting payments on hold while you try to sell home.
Do some mortgage companies have programs where they can put your payments on hold while you try to sell your home. I have heard this from a couple of different people. Or is this called the short sale that I have been reading about? We are 2 months behind and are working with our mortage company to restructure the loan, but my husband just got a job offer in another state and we decided to leave. We would like to try to sell the home as opposed to forclosing on it. We live in Idaho. We don't want to do a short sale if that means we are going to owe IRS thousands of dollars. We heard that may happen if we do a short sale.
My advice would be to talk to your mortgage lender about the payments. I too have heard people say such things as it isn't necessary to pay your mortgage payments as long as the house is on the market. This is patently untrue -- not making your payments can end up in your losing your house to foreclosure.
Call your mortgage company and ask them if they have a program that will allow a change in payments while you're moving.
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