“Do I have to continue making My Mortgage Payment?”
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?
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.
Image courtesy of StuartMiles/Freedigitalphotos.net
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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
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.