I currently have a home listed for short sale. "Another agent" told my seller that it would be best if he tried his hardest to continue making payments until we have an offer because they won't report you late or your credit won't be as impacted once you miss payments once a short sale has been initiated.
Obviously we know the implications of missed payments on your credit score vs. doing a short sale without being late but...
My gut says this "other agent" is off the mark...any comments for me on this topic.
Elise Fay
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Elise - Credit report continues if you miss payments, even during a short sale. I actually had one exception to that - but it was a federal lawsuit and the seller had had mortgage fraud committed against him.
Thank you Wendy...I knew that...just had to confirm.