Looking to purchase a short sale / pre-foreclosure home?
Q. Do I have to stop making my mortgage payment to do a short sale? A. NO! Often times, sellers who are nearing the point of trouble will fall behind on their payments intentionally thinking it will help with the short sale or mortgage modification process. It does nothing except for further ruin your credit. You do not have to be in default on your mortgage for a short sale, but you must have proven hardship and be in immediate danger of default Q. Other companies charge for their short sale services and you do not. Why? A. According the North Carolina Attorney General “It is ILLEGAL to charge up front fees for mortgage modification (and short sale) services”. As REALTORS®, the bank pays our fees and that of the closing attorney, taxes, etc. Q. How long will it take to get my short sale approved? A. It depends on a number of factors including who your servicer and investor are, the type of loan program you have, the number of liens you have, if your loan had mortgage insurance, etc. C
