User Panel
User Panel
User Panel
|
Posted: 2/6/2017 11:01:28 AM EDT
[#1]
Pay Mortgage when due
|
|
|
|
Posted: 2/6/2017 11:47:03 AM EDT
[#2]
It probably won't be reported to credit agencies until at least 30 days late but still it's a really dumb idea to risk that credit score hit, especially if you're getting a mortgage on your new home.
|
|
|
|
Posted: 2/6/2017 11:50:08 AM EDT
[#3]
You're gonna pay what you owe on the house one way or the other.
Why would you even do this? |
|
|
|
Posted: 2/6/2017 11:53:33 AM EDT
[#4]
If it's a cash sale and closing quickly, how many mortgage payments would you really save? What do you plan to do after selling the house?
Personally, I would never skip the payment. |
|
|
|
Posted: 2/6/2017 12:01:06 PM EDT
[#5]
Also you're gonna accrue interest until the day they cash your payoff check no matter what.
You're not gonna screw them out of anything. And you might rack up some penalties on top of the interest you owe. |
|
|
|
Posted: 2/6/2017 12:01:30 PM EDT
[#6]
Why would you want to do this?
The risk of it damaging your credit is real and I can see no benefit. |
|
|
|
Posted: 2/6/2017 12:01:48 PM EDT
[#7]
If you have a mortgage, it is the BANKs house until THEY Get paid.
Cash deal don't mean anything is you haven't paid off the MORTGAGE in full because they are not going to release the Lien on the Title to your Property... I'd keep paying until the transactions are full closed and the title company has settled accounts. |
|
|
|
Posted: 2/6/2017 12:36:48 PM EDT
[#8]
I was thinking that I could use some cash to pay for appraisal and inspection.
|
|
|
|
Posted: 2/6/2017 12:43:33 PM EDT
[#9]
Quote HistoryQuoted:
I was thinking that I could use some cash to pay for appraisal and inspection. Keep in mind, even the best laid out real estate transactions sometimes run into problems that delay closing. There is no way I would take that risk, especially considering it looks like you will be trying to close very quickly on another mortgage - this could derail your entire situation. |
|
|
|
Posted: 2/6/2017 2:14:04 PM EDT
[#10]
Quote HistoryQuoted:
If you are that hard up for the cash/ liquidity you should step back and reevaluate. If it is simply a liquidity thing maybe borrow a few hundred from a friend or family short term. Keep in mind, even the best laid out real estate transactions sometimes run into problems that delay closing. There is no way I would take that risk, especially considering it looks like you will be trying to close very quickly on another mortgage - this could derail your entire situation. Quote HistoryQuoted:
Quoted:
I was thinking that I could use some cash to pay for appraisal and inspection. Keep in mind, even the best laid out real estate transactions sometimes run into problems that delay closing. There is no way I would take that risk, especially considering it looks like you will be trying to close very quickly on another mortgage - this could derail your entire situation. Appraisal and inspection will probably be less than $1,000. If you don't have $1k liquid, you should reconsider. |
|
|
|
Posted: 2/6/2017 11:57:11 PM EDT
[#11]
The sale will net me $70k, and the new house/mortgage will cut my note in half. I was just wondering if there was any advantage to not paying it since it will be paid off in a few weeks.
|
|
|
|
Posted: 2/7/2017 1:31:52 AM EDT
[#12]
It's your obligation to pay until the deal closes and funds are released to the bank.
Why would you even consider this? |
|
|
|
Posted: 2/8/2017 1:53:28 PM EDT
[#13]
Just pay your mortgage when its due.
|
|
|
|
Posted: 2/8/2017 2:12:58 PM EDT
[#14]
sure, because cash sales ALWAYS close! lol
|
|
|
|
Posted: 2/8/2017 2:23:14 PM EDT
[#15]
The FSA are among us
|
|
|
|
Posted: 2/8/2017 2:36:07 PM EDT
[#16]
When you sell a house the title company figures all that shit down to the penny. Prorated amounts go to the property tax and lenders get paid and equity holders get theirs. Whether or not you make you last payment won't alter the final net result as it will all be accounted for.
|
|
|
Win a FREE Membership!
Sign up for the ARFCOM weekly newsletter and be entered to win a free ARFCOM membership. One new winner* is announced every week!
You will receive an email every Friday morning featuring the latest chatter from the hottest topics, breaking news surrounding legislation, as well as exclusive deals only available to ARFCOM email subscribers.
AR15.COM is the world's largest firearm community and is a gathering place for firearm enthusiasts of all types.
From hunters and military members, to competition shooters and general firearm enthusiasts, we welcome anyone who values and respects the way of the firearm.
Subscribe to our monthly Newsletter to receive firearm news, product discounts from your favorite Industry Partners, and more.
Copyright © 1996-2024 AR15.COM LLC. All Rights Reserved.
Any use of this content without express written consent is prohibited.
AR15.Com reserves the right to overwrite or replace any affiliate, commercial, or monetizable links, posted by users, with our own.
