“Do I have to continue making My Mortgage Payment?”
Hi Joe,
I have a buyer for my house and I just signed for an offer on the Quasset house!
My question is do I still make a mortgage payment for my present one?
Lee Ann
I panicked when I read the question. Rather than email I called back
immediately. I asked her why she would think that she didn’t have to
make any additional mortgage payments. She told me that her neighbor was
in the process of refinancing and was told by the loan officer that
they didn’t have to make any more mortgage payments.
I told her to immediately contact her neighbor and instruct them to
ignore this STUPID advice and make sure that all payments were made on
time.
Unfortunately I have seen many examples of the kind of STUPID advice and many
borrowers actually follow the recommendation. It sounds wonderful that
no more payments are required, but bad things always happen. Always
remember the old adage, if it sounds too good to be true, it usually is.
Image courtesy of StuartMiles/Freedigitalphotos.net
