Home Selling in 67502>Question Details

conniefors, Home Seller in 67502

should i stop making payments on my mortgage before an offer is made on a short sale?

Asked by conniefors, 67502 Thu Jul 5, 2012

about 6 months ago, my husband and i both lost our jobs. my husband started getting unemployment and i was denied. we immediately contacted the lender (hfc beneficial) and got set up on a hardship plan. my husband was offered a job out of state and we've since moved. we have about 2-3 months left on the approved hardship and the house has been on the market for 3 1/2 months with absolutely NO OFFERS! our real estate agent has been telling us it will sell, but we don't have the income to continue making the payment (even the hardship payment) and our bills in the new house. we've agreed to ask for a short sale on the house, and still no offers. i need to know whether i try and make partial payments (though the lender has already told me missing any payments on the hardship will void it), or should we stop paying altogether and go into default?

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Conniefors...really only you can answer this question. I can tell you this, any short sale requires you, the seller to demonstrate hardship.....when you're able to make your monthly payments, kinda hard to show a 'hardship'. As you are have moved and now have a new job, I would focus on establishing my new residence. No one can tell you how soon you can expect an offer on the old property, or what the selling price actually will be.

Hope this helps.
0 votes Thank Flag Link Thu Jul 5, 2012
conniefors, Home Seller, 67502
thanks for the advice mike, but i don't have a new job, my husband does. while he's making more now than he was before, we now have two house payments (rent and mtg) and we're still living on one income alone. we've eaten through all of our savings and i'm needing to make a decision in the next 10 days as to whether or not i should try and make a partial payment, or whether i should give up completely. i'm at a loss and am looking for advice from real estate agents or attorneys that have experience with clients in a similar situation.
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