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Tamara Inzunza - (703) 623-8759
Tamara Inzunza Northern Virginia Short Sale Realtor
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Recently Closed Short Sale
Lorton Valley
Lorton, VA
$599,000
* - Investment property
* - Two mortgages
* - Current on mortgage payments
* - No cash due or promissory note

Alexandria VA Townhouse Short Sale

Recently Closed Short Sale
Alexandria, VA
Stonegate
$515,000
* - HOA liens paid by lender
* - Two mortgages
* - No cash due at closing
* - No promissory note
* - closing costs paid to buyer
 

"I now realize that I may not have gotten through the transition so smoothly if it had not been for her expertise in an area most Realtors do not care to touch! Tamara has a heart for her clients and it is evident in the dedication she exhibits. I would highly recommend her to anyone searching for a home or trying to get rid of one." - E. Dawson

"Her attention to every detail and willingness to go beyond her area of responsibility was a huge factor in getting my place sold in a timely manner. Selling my home was very stressful and Tamara made the process as easy for me." - J. Bain

Our Blog 
Saturday, December 04 2010

No Mortgage Payment For 492 Days - What?

 

MyPrivateShortSale.comWell, it's not exactly a 'get out of your mortgage for free' card.  But according to a recent article from the Wall Street Journal, 492 days is "the number of days since the average borrower in foreclosure last made a mortgage payment."

Before you raise your eyebrow and start contemplating skipping your mortgage for 492 days, keep in mind the ramifications that these missed payments will bring:

  • increased number of 30- day lates reported on your credit report
  • increased number of 60- day lates reported on your credit report
  • increased number of 90- day lates reported on your credit report
  • incessant phone calls from collection agencies
  • increased bill collection notices in the mail
  • possible notices posted on your front door

This number also includes the homeowners who are actively trying to pursue a loan modification.  Even when a home has been scheduled for foreclosure, a lender may give the homeowner the opportunity to modify the mortgage.  The loan modification process can take anywhere from 30-60 days, during which time a mortgage payment is usually not made.

If you're just 30-days late on your mortgage payment and you need help understanding your options, please contact us right away to see how we can help you avoid foreclosure.

We welcome your comments so that information can be shared to help homeowners across the country.

Source: The Wall Street Journal

Posted by: Tamara Inzunza AT 08:28 am   |  Permalink   |  1 Comment  |  Email
Comments:
Great info.
Posted by Jessica on 12/08/2010 - 09:31 PM

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RE/MAX Executives 
Certified Distressed Property Expert (CDPE),
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2104 Mount Vernon Avenue
Alexandria, VA 22301
(703) 623-8759

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