Question Details

Heather, Home Seller in Minnesota

I am desperate! I was told to skip a payment to get the bank to notice me....I am up to date on my payments.

Asked by Heather, Minnesota Tue Jun 10, 2008

Should I skip a payment?

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Answers

4
Don't skip payments until you have contacted a non-profit credit counseling service. Look at the California Credit Counselling Servce and see if there is anything like that in MN
0 votes Thank Flag Link Wed Jun 11, 2008
Jed Lane, Real Estate Pro in San Francisco, CA
MVP'08
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Are you trying to justify selling your home as a short sale? Skipping a payment isn't going to do it. If at all,

If possible, try to get a face-to-face meeting with your lender to discuss your options. If you're having problems meeting your mortgage payments, they may be willing to negotiate a better rate. Here;s a good article on How to Stop Foreclosures http://homebuying.about.com/od/4closureshortsales/qt/011708_…

But it you have exhausted your options, here's another article on how to qualify for a short sale http://homebuying.about.com/od/4closureshortsales/qt/112707_…

Before a short sale is approved, you have to submit a hardship letter explaining why you need help. Some causes could be loss of a job or job transfer, reduced income, etc.

Whatever you do, don't do it alone as this is a long and tedious process. Get a professional to help you --- a realtor is a good place to start, especially if the realtor has experience in short sales. Do note that in a short sale, the lender assumes the responsibility for selling expenses so that would be a big help as well. And if this is your principal residence, you may qualify under the provisions of Mortgage Debt Forgiveness Act of 2007 so that the difrference between what you owe and what it actually sells for wouldn't be counted as taxable income for you,.

Good luck and good fortune.
0 votes Thank Flag Link Tue Jun 10, 2008
Heather
You need to call your lender and talk with them. You should read my blog about short sales and foreclosures.
Knowledge is power.
0 votes Thank Flag Link Tue Jun 10, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Heather,

In my opinion, you got very bad advice. What's the issue you're trying to solve?

Thanks,

Jeffrey
0 votes Thank Flag Link Tue Jun 10, 2008
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