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not paying a monthly mortgage note before selling?

1,393 Views | 3 Replies | Last: 4 yr ago by SteveBott
BoDog
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AG
So we are selling our house with a close date of 3/30. I have a note 3/1 payment due on the house.

For those in the know, will it be reported to credit bureaus at 30 days if I do not pay or will I have a grace period?

Really don't want to make that last payment if I don't have to.
Deats99
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AG
Pay it, there is too big of a chance these days the wire will be delayed and you will be screwed.

lender for 15 years
A good plan violently executed now is better than a perfect plan executed next week.
-George S Patton
Jay@AgsReward.com
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Sponsor
AG
You pay everyday you own in the house. if you do not make the monthly payment it will just be wrapped into the payoff. I understand that is different then the cash flow of actually making the payment but it still money out of your pocket either way.
hph6203
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AG
You're making that payment no matter what. Make the payment, reduce your payoff by that amount less your escrow payment, get a refund in 3 weeks and feel like you never paid it at all.

Your payoff will include the entire UPB, plus interest charges from either 2/1/20 (if you don't pay it) or 3/1/20 (if you do) and then some recording charges.

30 days late does not mean 30 days, it means one billing cycle, so you won't be marked late until the 1st, but you're playing a game just so you can have a couple thousand dollars more in your account for 30 days instead of having a larger payout at sale.

You're relying on a local title company not to do something stupid like mail a check instead of wire the funds.

I do loan closings all day. I've done 150 in the last week. It's not a worthwhile idea.

Do what you want though.
.
SteveBott
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Pay it. If you don't get the money by the first you get a 30 day late pay on a mortgage which is the worst kind. You would lose 60-80 points on your credit score easy.

Not worth it
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