Many folks aren't aware
that a frequent practice among second lienholders is to charge off your debt
after 4-6 missed payments.
What exactly is a charge
off you ask? Great question. Lenders don't like to carry non-performing debt.
One way to avoid that is to charge it off their books and turn the debt over to
the collections department or sell it to a debt collector.
Why does this matter you
ask? If you are in the middle of a West Sacramento Short Sale the charge off
could affect the outcome in a number of ways. Once in collections the
collection agency will typically require a higher pay off as a condition to
agreeing to the West Sacramento short sale. While this can
frequently be negotiated you there is no guarantee.
If you are in a West Sacramento HAFA Short Sale you
also run the risk of the collection agency not participating in HAFA therefore putting
your relocation assistance at risk.
Now we will never tell
you to make a payment or not make a payment, that is totally your decision.
What we will do is give you the pros and cons so you can make your own
decisions. Remember -- we work for you not the other way around. All in all, if
you can avoid the charge off it's probably for the better
Is a West Sacramento Short Sale Right for Me?
Give me a call and let's find out
No comments:
Post a Comment