Short sell & stopping payment - Loan Modification Forum

GISdude · 08-22-2009, 07:43 PM

We are considering doing a short sale because we're so upside down on our house. Bought in 2006 for $313,000 and a realtor last week told us she would put it on the market for $159,500. We are not behind in payments but it's a sinking ship, especially because the interest only portion will end Sept. 2011. I don't want to end up paying $2600/month on a 1,300 square foot home we'll already outgrowing since we had a baby 7 months ago. Mortgage is $2,200/month right now.

So questions...

1. when can you stop payments... when you decide to do a short sale and the realtor lists the house? Or do you stop paying when an offer has been accepted? The realtor said the latter but then it seems like you'd be paying for the whole time except maybe a month or two.

2. anyone have experience with Guild Mortgage in San Diego (we're in Sacramento)?

jakelabry · 08-23-2009, 06:06 AM

Okay, I don't think you can do a short sale just because you decide to despite what the realtor tells you. You need to read the information at the following link:

Qualifying for Short Sales - How to Qualify for a Short Sale

08-22-2009, 07:43 PM	#1 (permalink)
GISdude Junior Member Join Date: Jul 2009 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Short sell & stopping payment We are considering doing a short sale because we're so upside down on our house. Bought in 2006 for $313,000 and a realtor last week told us she would put it on the market for $159,500. We are not behind in payments but it's a sinking ship, especially because the interest only portion will end Sept. 2011. I don't want to end up paying $2600/month on a 1,300 square foot home we'll already outgrowing since we had a baby 7 months ago. Mortgage is $2,200/month right now. So questions... 1. when can you stop payments... when you decide to do a short sale and the realtor lists the house? Or do you stop paying when an offer has been accepted? The realtor said the latter but then it seems like you'd be paying for the whole time except maybe a month or two. 2. anyone have experience with Guild Mortgage in San Diego (we're in Sacramento)?

08-23-2009, 06:06 AM	#2 (permalink)
jakelabry Senior Member Join Date: Jun 2009 Posts: 200 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Short sell & stopping payment Okay, I don't think you can do a short sale just because you decide to despite what the realtor tells you. You need to read the information at the following link: Qualifying for Short Sales - How to Qualify for a Short Sale

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