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Purchase second home and Short sale First

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s_hayes Joined: 21 Apr 2011 Posts: 1 1.36 Dollars($)	Posted: Thu Apr 21, 2011 6:43 pm    Post subject: Purchase second home and Short sale First Like 0 Dislike 0 I'm currently under water ($150K) on my first home in California. I'm in a ARM and can't refi because I'm upside down. The value will never recover to the original purchase price. I have great credit and good cash flow and I qualify for a second mortage ($280K). I want to buy a second home in Nevada and short sale the home in California. I don't want to continuing to spend good money on a lost cause. Once I purchase my affordable home in Nevada Should I strategically default on the california home? It make good business sense and I can salvage my credit within 3 years.
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Thu Apr 21, 2011 11:13 pm    Post subject: Like 0 Dislike 0 Hi s_hayes, You can strategically default on the home loan for the property in California. However, if the lender finds that you have a good income and still you are not making the mortgage payments, he will foreclose the property rather than considering you for a short sale. _________________ Procrastination is the enemy of your financial success
sunil87020 Joined: 04 May 2009 Posts: 339 26.96 Dollars($)	Posted: Fri Apr 22, 2011 2:41 am    Post subject: Like 0 Dislike 0 I think you have to discuss with lender for your better options....

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