Should I Continue Paying My Credit Cards During A Short Sale?

Should I Continue Paying My Credit Cards During A Short Sale?

Here is a recent question The Texas Group Realtors received.

"I am selling my house as a short sale. I am behind on the mortgage payments. Do you think I should still pay my credit cards?"

Email phillis@txhomerealty.com to discover how other sellers successfully did a short sale and avoided foreclosure.

Here is our answer. It all depends on what is important to you. Can you afford your mortgage payment if you stopped paying the credit cards?

If the answer is yes and you don't want to move, then I would recommend that you stop paying the credit cards. Obviously that will hurt your credit.

But, if you want to keep your home, then you will probably think it is worth it. Then again, I have seen people who would rather have the good credit.

However, if you do want to move, then it would be better to keep paying the cards and short selling the house.

Missed mortgage payments won't have to much of an impact on your credit score 12-18 months down the road, especially if you short sale.

However, a credit card that you never pay on again will stay on your credit for a longer time. The debt will show up as written off and that impacts your credit for a longer time than missed payments.

Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at phillis@txhomerealty.com.  I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (469) 523-1402.

Discover how other sellers successfully completed a short sale Cedar Hill, Duncanville, Desoto, Lancaster and request a free consultation by emailing beth@txhomerealty.com.

Thinking about a loan modification? Our Dallas loan modification kit has the instructions you will need to get a loan modification approved with your bank. Email phillis@txhomerealty.com to request a copy.

Thanks for reading this, Phillis Nealy.

Phillis is a Real Estate Agent at The Texas Group.

Phone: (214) 650-5536.

A Realty company with Service as Big as Texas

View My homes for sale at www.southwestdallashomes.com.


Important Notice

Phillis Nealy and The Texas Group Realtors are not affiliated in any way, shape, or form with the government.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.