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We cannot afford our partially remodeled home mortgage any longer because of the arm. Now we have been trying to get out of the house we are in now for years because it's too small. We want to buy a single family home, ours is a townhouse, and start fresh. Our mortgage is more than what the home is worth. We were told we can buy a new home, move into it, stop making payments on the townhome while setting up proceedings for a short sale on the townhome. We were told that is really the only way to get into a new mortgage, since our mortgage now is only getting higher. Since you can't get a good mortgage or one at all with a short sale on your credit? Is that true? If so, are we still responsible for making payments until the home sells in short sale? If we move into the new home and the townhome doesn't sell for 6 months, will we be responsible for payments until then? How can we qualify for 2 homes? Especially since the laws are so stringent now. We live in Windermere if that helps.
I do know what the definition of short sale is, thanks......That was rude. Also, we were just pre-approved for a new home mortgage. We are looking at very inexpensive homes, so our payments will be less than they are now because of the lower interest rate and no association fees. If you're not a mortgage or real estate professional then don't bother answering. I'm looking for actual answers, not just opinions.
Ouch. Im sorry to hear about your troubles. Unfortunately, if you cant afford the mortgage on the first one, you probably would not qualify for another. You need to talk with a Loan officer and see if there is any way they can help you. They "may", and I that is using that term lightly, be able to roll the loss on this home into a new one providing it will appraise. You will need to do a coinciding settlement. I don't see that you will be able to move until your home is sold. Also, short sale does not mean it will sell shortly!
Never ever do a DIL !!! That is a voluntary foreclosure!!!! I highly recommend you take care of your family first and foremost!!!! Its not your fault that there is no equity in your property. Go buy your other home and try to short sale your existing property. If your existing property doesn't sale, you and your family will still have a place to live. A few things will happen during and after your short sale. A) your credit report will most likely be blemished. B) Once you show your existing mortgage that you bought a house and you can not afford both properties, that will clearly show your incapacity to pay them. You can get another loan after your short sale is completed but you might have a few 30 day mark(s) which will increase your rate and new loan products. If you have additional questions, feel free to email me. Sorry about the other posts on your question. Some people just speculate or did 1 or 2 short sales and think they now it all. Best of luck to you.
You would need a valid lease on your townhome in place before you close on the new home. And you will need to qualify for both loans. You can typically use 75% of the proposed lease to offset your existing mortgage payments. You may be asked for a copy of the cancelled deposit check from the future leasee to show that the contract is valid and not fraudulent. Should the townhome go into foreclosure, conforming guidelines stipulate that you wait 3 years after to apply for a new mortgage. Any shortfall would have to be paid in full. It would be unethical to get a new mortgage with the intent to default on the existing one. If you cannot work out a legal and ethical solution to your problem, I would recommend working with your current lender to negotiate a "deed in lieu" of foreclosure so that there is no shortfall balance. Then wait 3 years to buy again. During the 3 years be sure to keep all cancelled rent checks to show a solid housing payment record after the foreclosure.
I agree that people shouldn't give specific advice when in fact they have no idea what they are talking about. HOWEVER, this is an open forum, and everyone is welcome to answer any question they choose. Me, I mainly just wanted the 2 points. You ask, "..are we still responsible for making payments until the home sells in short sale?" Of course you are responsible to make the mortgage payment until it sells. Why on earth would you think you wouldn't be?
Short earnings can near speedily, two to three weeks or take three months or extra. That's mostly the largest con when you consider that you are not able to simply pick a last date whilst you publish an present. You have got to wait for so long as it takes. It probably permitted four months later or by no means.