Home arrow Mortgage Forums arrow Loan Talk for First Time Home Buyers arrow

short sale

Author Message
Icon Mini Profile kim090807





Joined: 20 Sep 2009

Posts: 55

-0.01 Dollars($)
Post Posted: Sat Sep 26, 2009 4:14 am    Post subject: short sale
Like 0
Dislike 0

I want to buy a home that is being sold as a bank owened property.. it is through a realestate co. I am in the process of trying to sell my first house but this is a short sale on the other ... I dont have money for a down before sale and they wont do a contingant. could I get a second morgage to cover it? we owe 141,000. ( worth 160,000-180,000) on my home now, the other home is only 92,000. we could afford both morgages untill the sell of first but like I said no money for that down... and how to get anouther loan still oweing on first. what are my best options??
Icon Mini Profile gunzijjistaff
gunz.ijjistaff




Joined: 07 Apr 2009

Posts: 712

4.51 Dollars($)
Post Posted: Sat Sep 26, 2009 6:51 am    Post subject:
Like 0
Dislike 0

Hi Kim,

Welcome to our forum.

As you say you have not money to pay both mortgage dues, so please wait until your old house Sold. Once your house sold you can get money to pay off second lender.

But now if you have not money & you can't afford to pay off both lender simultaneously so don't try to get another loan keep pay off first lender. If you can't pay further dues to any one of the lender. They will file foreclosure on your house.

Thanks & Regards.
gunz.ijjistaff
Icon Mini Profile marklavender1





Joined: 13 Sep 2009

Posts: 120

-0.14 Dollars($)
Post Posted: Sat Sep 26, 2009 7:58 am    Post subject:
Like 0
Dislike 0

you need only 5K as a downpayment. better take a second mortgage against your current house. you have good equity in it
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.062 seconds.