Yes you do still make the payments, don’t rely on what the real estate agents says. If the house doesn’t sell then here comes foreclosure city!

zapata’s answer is the correct answer, couldn’t have stated it any better myself. If you ever do this, there WILL be a contract just in case the house doesn’t sell, you would owe the money to the broker [with interest].

the reason why a large number of Americans are in debt is because they don’t check their credit report&score yearly. you can prevent this very common problem by going to and begin to rebuild your credit fast.

You would have to have a specific agreement with the realtor (written agreement). But remember ultimately you are responsible for the mortgage and your credit is at risk if you default.

If you can get the real estate company to do this then your luck is
great!
Therewere a few that would do this, but with the economy
being the way it is right now, I don’t think you’ll find any agency that would do this, it would be very bad risky business…….

Foolishness! The back mortgage payments plus penalties and interest will be paid at closing all right, but out of his pocket not out of the real estate company commission!

The property had to sell for enough to satisfy all the liens against it including the mortgage. Your friend does not have a clue as to how things work.

If the property did not have enough equity he would have had to pay money at closing or not be able to sell at all!

the real estate agent “loaned ” your friend money to make mortgage payments while the house was on the market,or during the closing period,,these payments were rightfully deducted from the net profit,if any,from the sale

It’s mortgage plus escrow.

All a restructure would do for you is reduce it to 31%. What percentage are you at right now? If it’s something like 34-35% you aren’t going to save much money in a restructure. Is it really unaffordable or are you just going to try to save a few bucks at the expense of your fellow Americans?

good luck!

I would recommend working with their current lender. If they were able to avoid foreclosure, but are one month behind, they should consult their current lender.

There is a chance the lender will set up a special payment plan with them until they sell their home and possibly help them with the new mortgage as well.

It doesn’t hurt to ask the current lender. If they can prove their worthiness, the lender may be the future business potential.

If they do try to go elsewhere, they will have a very tough time with a recent mortgage late potentially on their credit report.

Learn more at

personally i believe that there should be no problem in getting a loan. try the brokers who sits with estate agents. however they can be a bit pesty.
hope it works out for your friend.
life can be a b i t c h somtimes.