Legal Question in Real Estate Law in Florida
short sale
Will signing a mortgage short sale agreement reflect poorly on my credit report if I am currently in good standing with my creditors? I may be able to obtain enough cash to pay off the debt. However, I may need the money for down payment on the new house or to pay off credit card.
Thank you in advance for your help.
1 Answer from Attorneys
Mtg. exceeds Sales Price?
Q.Will signing a mortgage short sale agreement reflect poorly on my credit
report if I am currently in good standing with my creditors?
A.If a "mortgage short sale agreement" means a sale where the price isn't
enough to pay the full amount of the mortgage, then you definitely have a
credit problem. I have closed condos. where the seller had to bring
money to the table to close just to save their credit rating. I have also negotiated
mtg. payoffs where the bank/Mtg. holder knew the property wouldn't bring
enough to pay them in full so they agree to accept less. You need to
prequalify with a lender and explain the situation to your broker and follow
that advice.
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