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Late Mortgage to do a Minnesota short sale? | St. Paul, Woodbury, Lake Elmo Real Estate & Homes for Sale

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Do I have to be late on my mortgage to do a short sale? {Real Estate Q&A}

Many of our short sale clients as us if they have to be late on their mortgage payment in order to qualify for a short sale. The short answer is no, you don’t have to be late on your mortgage to qualify for a short sale. In fact it is better if you aren’t behind on your mortgage payments. Many people have tried to qualify for the government programs to refinance their house into a lower interest rate or to reduce the principal amount and haven’t been able to because they aren’t behind on their mortgage payments. This has been frustrating for many!

Short sales are opposite. Yes the banks and mortgage companies need to see that you have a hardship and cannot afford to live in your house anymore, but it is better in the long run if you aren’t behind on your mortgage. By staying current on your mortgage you will delay a potential sherrif’s sale which could ultimately lead to foreclosure before a short sale could take place. Also, if you have a second mortgage and stop making payments, the bank can turn the lien over to a collection agency and it becomes a collection debt instead of a mortgage debt. Finally, if you are part of a homeowner’s association and stop making payments, the homeowner’s association can foreclose on you sooner than your mortgage company could.

Our best advice is the minute you believe you may have trouble making your mortgage payments in the future is to contact us and we will help you get your home ready to list for sale. Please let us help you with your home before it is too late!


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