Shortsale

Could someone please advise on this: Do we still need to make mortgage payments while our house is listed for shortsale? If no, how does this affect credit history? Thanks everyone. The bank has approved shortsale. My additional question is how the money will be split among two banks. We have two loans and what we need to pay on the difference. Will we only have to pay taxes from it? Thanks. Well, I have your answer. YES.. You can get out of a short sale with very little damage to your credit, but if you stop making your payments or make them late they will be reported. One late mortgage payment is a huge ding on your credit, then good luck trying to rent someplace. Keep your payments up if there's any way possible for as long as you can, and do your best to get the house sold asap. It's in your best interests in the long run.


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