Posted on: 21st Jan, 2014 11:46 pm
Hello there... I did a HARP on my mortgage. However, I still cannot pay the mortgage. Now, will it be better to go for a short sale or walk away from the property? Or should I continue paying money?
Hi Guest,
If you want to get rid of the property, then you can check out the option of short sale. However, you should note that after short sale, you may be liable to pay off the deficient balance of the loan to the lender.
Thanks,
Jerry
If you want to get rid of the property, then you can check out the option of short sale. However, you should note that after short sale, you may be liable to pay off the deficient balance of the loan to the lender.
Thanks,
Jerry
I would suggest checking your state law with regards to your liability after both and then decide. In the case of a future mortgage both will usually cause a 3 year delay from the point the home transfers out of your name. Until that time has passed you will not be eligible for financing - if you are NOT behind on payments you may get by with two years after a short sale -
Good Luck
Brian Barnes
ENG Lending
Nationwide Lender
Good Luck
Brian Barnes
ENG Lending
Nationwide Lender
