You guys said what i was leaning towards doing. I'm gonna pay as i normally would and contact the owner sometime after christmas. If he's going to allow the foreclosure i'll weigh my options at that point. The only way id be interested in staying here for any longer than another year would be if the mortgage was significantly lower than what im currently paying.
Look up your address on Zillow and get an idea what your house is worth and what your mortgage would be. If it is in line with what you are willing to pay, contact the current owner to get the specifics of his mortgage. It is a huge win for him if you buy it short instead of the current owner allowing the foreclosure.Originally Posted by Sinfix_15
I thought that you had to be current with your mortgage in order to do a short sale? I always thought a short sale was to help those who were upside down beyond belief be able to get out of The house with out taking a huge loss?
No, you dont have to be current but every situation is different. Banks prefer to sell short because they lose less money in a short sale than they do in a foreclosure.I thought that you had to be current with your mortgage in order to do a short sale? I always thought a short sale was to help those who were upside down beyond belief be able to get out of The house with out taking a huge loss?
Zillow is sweet, thanx.
Posting Permissions
Reply With Quote
