Compare Mortgage Quotes

kim090807 · Joined: 20 Sep 2009 Posts: 55 -0.01 Dollars($)

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??

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

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

marklavender1 · Joined: 13 Sep 2009 Posts: 120 -0.14 Dollars($)

you need only 5K as a downpayment. better take a second mortgage against your current house. you have good equity in it

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