Home Selling in Spring Hill>Question Details

Brenda Dupler, Both Buyer and Seller in Spring Hill, FL

Started BOA short sale. Do i make payments until sold?

Asked by Brenda Dupler, Spring Hill, FL Wed Jan 18, 2012

Do I continue to make my payment on this property even though I started with the short sale? I know I only have 4 months to sell the property and I was wondering, if I stop making the payments, will it effect my credit more?
I was told that I need to find an agent in Spring Hill familiar with the "Equator system" . Can anyone help?

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Brenda, I work with RE/MAX and have successfully brought many short sales to a close last year. I would be happy to share a list of testimonials from customers who have gone through the short sale process with me and were happy with the end result. I am fully integrated with Equator which is the BOA platform for short sales. Please call if I can be of service. Zack Kaplan, Spring Hill, FL 352 346-9277
1 vote Thank Flag Link Wed Jan 18, 2012
Brenda, I am assuming you owe more than you can sell the home, correct? Therefore, the lender has to take a loss in order for you to close this property. Only you and your attorney/professional representative can decide whether or not to continue to pay or not. Yes your credit will be lowered by non-payment, but what's more important- credit score or have money to move on? You are far from alone on this. Most landlords today expect people to have less than 700-650 credit score.

Unless you get into a Home Affordable Foreclosure Alternatives (HAFA) Program, you will receive $0 from the sale. The most they will pay you for moving expenses is up to $3000 if you qualify for a HAFA program. Equator is Bank of America's online process for short-sales. Very cumbersome, and best to use someone who has used their system before. I would suggest interviewing agents who have experience in Short-sales and preferably BOA short-sales. From my experience, as long as the short-sale process is in motion the bank will put the foreclosure on hold.

Always verify all info with reputable and knowledgeable professionals, like attorneys and qualified Realtors. Laws are different in each State. I am very sorry to hear this is happening to many people like yourself.

Best of luck,

Rob Hughes-Long and Foster RE INC.
1 vote Thank Flag Link Wed Jan 18, 2012
Talking with BOA is the best way to get the best and most possible answer. Any answer other than BOA's is only a guess and not an actual answer. Also now that you are talking Short Sale, get all commitments from the bank in writing as they 1too are known to flip flop and the written answer will make any argument you have more concrete at the closing
0 votes Thank Flag Link Mon Feb 27, 2012
Hi Brenda -

From what I've seen the missed payments leading up to the shortsale have a the biggest, negative affect on credit. Even more than the actual short sale itself. Also, if you're pursuing purchasing in the near term having a perfect payment history on a prior short sale would most likely enable you to do this much sooner.

As the other posts state, it would be a wise move to consult a licensed attorney in your state.
Web Reference: http://www.smithgerrish.com
0 votes Thank Flag Link Fri Feb 10, 2012
Brenda, call me. I am a BOA approved agent and get lists of people every month that I have to contact regarding their homes and to tell them that they have been approved for a short sale by BOA. TeamBennett at ReMax advantage have the knowledge to get your home sold. We have just closed 4 in Dec.all short sales!!
0 votes Thank Flag Link Fri Feb 10, 2012
Brenda, Your question cannot be answered with out having more information. I beleive a homeowner needs more options than just being faced with a short sale. I have different programs that maybe able to help you stay in your home . I work with law firms that alos can provide options.
If you miss even one payment it will hurt your credit score. To give you the best answer I really need to understand what you plan on doing after you sale ? if you plan on trying to buy something else less expensive we need a game plan. I have a strong lending background combined with 29 years experience. My daughter is my partner and lives off Deltona and we do use the Equator system. email me ronnie@1change.com to set up a meeting so we can talk and figure out your best course off action.
0 votes Thank Flag Link Thu Feb 9, 2012
Most agents that handle short sales are very familiar with Equator. Consult with an attorney regarding making payments - and yes - it will effect your credit if you do decide to stop making payments.
0 votes Thank Flag Link Thu Feb 9, 2012
Hi Brenda,

I am a Short Sale/REO Specialist in Spring Hill. It is important to use a qualified Realtor to do the short sale process and not do it on your own as it gets complicated with paperwork and time lines. I can help you with the short sale. I use Equator daily for my Short Sale and REO task. You can reach me at 352-658-1810. I would be happy to answer any of your questions! Call me today! David
0 votes Thank Flag Link Wed Jan 18, 2012
Brenda,

I think every bank is different. I have a client now processing a short sale with Chase; she was advised to stop making payments. For the life of me I don't understand why this makes sense... maybe because it supports the hardship position. I don't know - I wouldn't do ANYTHING without the advice of an attorney familiar with short sales in your neighborhood.

Equator is an internet based status system that BOA uses to communicate and process documentation throughout the short sale process. I have used it - I was not familiar with it prior to that deal, the learning curve is not that difficult if you use an internet/technically savvy agent. It's much more important that you choose an agent familiar with the short sale process. Maybe the bank can recommend one?

good luck!
0 votes Thank Flag Link Wed Jan 18, 2012
If you stop making payment, yes, it will affect your credit. As far as making them, the bank will no doubt prefer it (hah) but I would go with the advice of my attorney or accountant.

No idea on "Equator system".
0 votes Thank Flag Link Wed Jan 18, 2012
Every case is different; so you should consult with a real estate attorney before you do (or not do) anything.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Wed Jan 18, 2012
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