Banks Tell Homeowners to Stop Paying – Then We'll Help You
November 5, 2007
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The Wall Street Journal ran a story on the dilemma many homeowners face with being upside down on their homes. Many people are pursuing short sales as a way to unload the property. Banks don’t always have to agree to a short sale.
According to the Wall Street Journal, some banks are telling their customers to stop paying their mortgages in order to receive any help from the banks. This doesn’t make sense to me. Why not negotiate with home owners while they are still in good standing? This is quite a risk the homeowner is taking because once they stop paying their mortgage, their credit is going to tank.
Categories: Mortgages, Short Sales, Twin Cities Real Estate
