From: "Dennis Kelleher" 
Newsgroups: alt.invest.real-estate
Subject: Re: skipping mortgage payment just before settlement
Date: Sat, 20 Nov 2004 22:41:24 -0500

You'll have a late payment and ruin your credit if the date is th e15th of 
the month. If you close after the first week of any given month, you should 
pay your mortgage. Your mortgage will not be paid for 3 to 5 days after you 
close at most banks.

"Ron Wilson"  wrote in message 
news:cf127976.0410202213.7b02c437@posting.google.com...
> We recently signed a contract to sell our OLD house with a settlement
> date of Nov 17.  To be frank, I'm at the very tail end of any liquid
> assets, having been paying for this residence and the one that I've
> been living in for the past 6 months and would like to skip the
> November mortgage payment leading into the settlement date to find
> some relief.  In the contract there was something about agreeing to
> keep up to date with mortgage payments through the settlement date,
> but in practice, what would *really* happen if I did not pay the
> November payment leading into the Nov 17 settlement date?  Would not
> the November payment simply be charged against the sale price by the
> settlement attorney and ultimately be paid by the equity that's in the
> house?  If it came down to it and the settlement were to get hung up
> or the deal fall apart all together, I might be able to eeek out a
> November payment, but it'd be painful and I might have to hock some
> electronics or more likely, just put the payments on my current
> residence at risk which I'd rather not do since it's where I actually
> live.
>
> In short, what are the implications of not paying the final mortgage
> payment just before settlement?
>
>
> Thanks.