If I try to short sale my home, can I stop making payments on my mortgage?
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If I try to short sale my home, can I stop making payments on my mortgage?
Asked on July 28, 2012 under Real Estate Law, Arizona
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
It is not a good idea to stop paying the mortgage. You need to get approval form the lender to enter in to a short sale contract and the most important thing for you to remember is to have them waive the deficiency, which is the difference between the loan amount and the sale amount. Otherwise you could still be stuck owing money. Good luck.
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