I want to know if my real estate agent can see my
Late payment history and late fees. I live in a small town and
I think my home will sell fast but it is embarrassing that I have been going
Through a rough time and am late on my mortgage . So will she see my account
Details when she lists my house ? This is holding me back

There is a service that sells the contact info of home owners who are behind on payments to agents so the agents can solicit short sale sellers.

If your agent does not have this information then you should not hide it from them.

It is important for your agent to know you are behind on the mortgage payments. This will enable the agent to be able to help you better.

If you were my client and withheld this info from me I would dump you as a client immediately.

The buyer has to prove they are qualified to buy and the seller has to prove the are qualified to sell.

Talk to your agent and be upfront. Hiding this information will just dig your hole deeper and you will end up losing.

And a good Agent who's working for you, won't (or shouldn't) publicize your financial situation, or do anything which would compromise your bargaining position.

If you're in doubt about the confidentiality of these matters, then discuss it, and make sure you're of a common understanding with your Agent.

Of course, whatever information is in the public records is already well beyond the control of any individual Agent; but they don't have to draw attention to it . . . . or exploit it to your disadvantage.

And a lot of the MLS systems now require that potential short sales and REO's be marked as such in the MLS. Failure to do so could get an agent in trouble with the MLS (they love to levy fines), plus it really doesn't present a true picture to the other agents and potential buyers

no, a listing agent will not see your loan repayment info., unless you sign a written release to that effect. this is confidential information under federal banking law.

you did not say that your loan is in default, so there is no reason to speculate about a short sale or REO.

holy mackerel, where do agents/brokers get this ridiculous attitude? the seller is the agent/broker's EMPLOYER, and the seller calls the shots. this principle is crystal clear under agency law, which all licensed agents are required to know, per their licensing.

If a seller is not required by law to give a broker/agent information, it ends there. the agent has no right to demand it, or repudiate a listing agreement on those grounds.

Shana, this is a material fact that can hold up the deal. If they're late, it will affect the payoff amount and the HUD. I'm not certain I would dump right away, but problems can only get worse if they're not addressed.

Do you just make this stuff up or do you actually believe it?

If a seller is behind on mortgage payments and they keep it a secret (lie about it) then they may not be able to close which could result in financial damages to the buyer. I refuse to be party to such a scenario because that buyer is going to be looking for someone to pay their expenses and it won't be me.

If a client (buyer or seller) lies to me about their ability to perform under the terms of our contract then they get fired as is my legal right to do so.

When signing a NC listing agreement a seller has to verify whether they are current with their payments or not. Lying on a listing contract is legal justification to dump said client.

the contracts we agents enter into with our clients are bilateral contracts which require both sides to perform certain duties. If either side does not perform as the contract intends then they have broken the contract and the other side can not be forced to honer their side of the contract.

So a seller who lies about their ability or does not allow showings or does not communicate can be fired by their agent per the unilateral contract.

honestly, this is one of the worst threads I've seen on this forum. the OP asked a very simple question, and got nothing but irrelevant responses and speculation. the loan is not delinquent or in default. The OP did not even ask what the listing agent would or should do in this scenario.

the answer is simple, loan payment history is CONFIDENTIAL, unless otherwise released by the mortgagor.

Okay, if you think you know the law as related to this scenario, please cite some case law references. can you do that? I doubt it. And please review a standard residential listing agreement for seller representations and broker and seller duties.

Even if we reason this scenario to a legal dispute, per a standard listing agreement, the broker is typically protected and held harmless against omissions of material fact.

so tell me, do you routinely require your seller clients to provide you with a credit report? Of course not, and this is not a standard practice in the industry because it is pointless.

Mlong, you mentioned a late payment history, but are you currently late on your payments? If so, then I'd strongly suggest that you be upfront with your Realtor.

Short answer, no nobody knows if you are paying late every month on your mortgage, or any other bills for that matter.

Long answer, if you haven't made any payments in several continuous months, you should def let your agent know as you are/may be in delinquent/default, and may be going in foreclosure, depending on your state, and you should be working w/an agent that has experience with these types of listings.

*So not legal advice, as I am not a lawyer, and do not play one on TV

Locally, it is standard practice for agents is to mail a standard form questionnaire to the mortgage holder requiring all details and whether the mortgage is in default and the cost to discharge the mortgage.

If the seller claims to not have any mortgage and does not have a a document attesting to the discharge of their original/current mortgage, the agent would be well advised to use their due diligence and check the registry office, where all liens and encumbrances against the property are recorded.

Further, lawyers prior to conveying title do an electronic search of the registry which will reveal all mortgages and liens against the property.

Where a seller signs documents and intentionally lies, they are in fact, attempting to participate in mortgage fraud and which law enforcement has become very sensitive about due to it’s connection to organized crime.

IMPORTANT NOTICE: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a Lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this information.

Well I am only one payment behind . But because of medical bills it has happened enough to have a couple hundred in fees but been late a few times over the past year. I'm not in default or even close . I did think it was a simple ? Just when the mortgage company sends her a payoff will it show a detailed account of the bottom line ! I'm not trying to hide some big secret times are tough enough without showing everyone details of the hardships your family has faced. Which just adds to the stress of selling your house. All if the replies where very interesting but the fact that I am paying her for her service and might want a little compassion was lost on a few ! But thanks for taking the time to reply .

Some people did reply harshly; please don't take it personally and keep in mind, some realtors have had bitter experiences of being taken advantage of or having time wasted by customers / clients who are less than honest with their situations.

While I know that there are real estate agents out there that are worse then worthless, you will be hard pressed to find another group of professionals that does so much "free" work on behalf of people who have no respect for their time and investment in their business. Some people think we are salaried or something, and get paid no matter what, but the fact is, if the house doesn't close, even if we did everything in our power to make it happen, we don't get paid.

Mlong

Been there and can understand and I am sadden by the fact that so many people are currently having a rough time and hopefully your current situation will be rappidly and greatly improved.

Allow me to perhaps clarify my previous post in relation to privacy:

All business, in Canada including real estate companies, lenders, banks, etc. are prohibited from revealing a persons personal information by Federal Law, namely the “Protection and Electronic Document Act”. (PIPEDA) with heavy penalties for those parties who violate the Act.

There are exemptions, one of which, is with the express consent of the individual involved, permitting a specified company to reveal their information to other specified parties, for a specifically stated and limited purpose.

There are probably similiar laws within your jurisdiction that afford you the same or similar protection, so I doubt if your personal information will become public.

One other point, with regard to default and that is, locally most mortgage lenders include a clause, buried in their mortgage document, that basically states that once the borrower breaches any of the terms of their mortgage, that their mortgage is in default, and that the mortgage lender does not have to act on that default immediately, but that the mortgage lender reserve the right to act upon such default at any time.

Good Luck and don't worry, everything will work out for the best.

IMPORTANT NOTICE: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a Lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this information.

One other caution to the OP - Most mortgages have clauses that state that payments are apportioned out as follows: Late fees, first, then interest then principal. Even one late payment can really mess you up financially. Because they will take your next payment, apply the late fee, then the interest charge for the late payment and there will not be enough to make the full principal payment. If your mortgage also escrows taxes and insurance, then you will still be considered to be late. And a new late fee will be charged since you didn't make a full payment (at least in their eyes).

Something as small as one missed payment can quickly turn into three months late which will immediately trigger a default situation.

I can understand your desire for privacy but your should request a complete ledger sheet for your payments dating back to the first missed payment. Then you'll know exactly where you stand in respect to your mortgage balance.