“Do I have to continue making My Mortgage Payment?”

     “Do I have to continue making My Mortgage Payment?”

 

 

Hi Joe,

I have a buyer for my house and I just signed for an offer on the Quasset house!

My question is do I still make a mortgage payment for my present one?

Lee Ann

 

I panicked when I read the question. Rather than email I called back immediately. I asked her why she would think that she didn’t have to make any additional mortgage payments. She told me that her neighbor was in the process of refinancing and was told by the loan officer that they didn’t have to make any more mortgage payments.

 

I told her to immediately contact her neighbor and instruct them to ignore this STUPID advice and make sure that all payments were made on time.

 

Unfortunately I have seen many examples of the kind of STUPID advice and many borrowers actually follow the recommendation. It sounds wonderful that no more payments are required, but bad things always happen. Always remember the old adage, if it sounds too good to be true, it usually is.

 

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 5 commentsJoe Petrowsky • July 11 2017 12:56PM

Comments

Joe Petrowsky You have to wonder who these so-called mortgage pros are to give this erroneous advice. Your advice is always on point.

Posted by Sandy Padula and Norm Padula, JD, GRI, Presence, Persistence & Perseverance (Realty National) 12 months ago

Good warning for sellers! I know a seller who, without his realtor's knowledge, stopped paying his mortgage. The house didn't close for about ten months. Needless to say, there were some huge issues as a result. 

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty, 914-419-0270, kat@thehousekat.com) 12 months ago

Good morning Joe. This is incredible. I can't believe someone would actually believe this.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) 12 months ago

Holy Crap!  STUPID advice is putting it mildly.  Thank goodness she asked you Joe instead of just not making the payments.

Posted by Kathleen Daniels, San Jose Homes for Sale-Probate & Trust Specialist (KD Realty - 408.972.1822) 12 months ago

Joe, I have had this questions asked of me many times and I always give the same answer, do you value your credit rating?

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) 12 months ago

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