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Need 2 know my options on a home no longer lived in.

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rtdevaull Joined: 27 Jan 2011 Posts: 1 1.00 Dollars($)	Posted: Thu Jan 27, 2011 7:59 am    Post subject: Need 2 know my options on a home no longer lived in. Like 0 Dislike 0 Me and my family moved from NJ to VA to follow career. We were hoping to sell home in NJ and buy a home here in VA. Just then the bottom fell out of the housing market. We have not sold the home and were forced to rent the property with a loss. That is hard being 600 miles away. The problem is that no one will give us a mortgage for a home here while we still own in NJ. I had owned 2 homes before but I guess things have changed. The problem is I owe 2 much on the home to sell it because of a second high interest mortgege. I have fair to good credit and pay everything on time. The main mortgege is an FHA. I thought about a balloon mortgage to have a home here in VA included but was afraid of the risk. If I did refi the home in NJ i could break even on the rent we get. My goal is to get 2 loans untill I can sell the home in NJ or reduce what I owe on the home in NJ so I can sell it without credit issues.
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Thu Jan 27, 2011 10:28 pm    Post subject: Like 0 Dislike 0 Hi rtdevaull, As you don't have equity in your property, it will be difficult for you to qualify for a mortgage. You can reduce the monthly payment by applying for a loan modification but it will affect your credit scores to some extent. Thanks

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