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

I need to take out a second mortgage on my property for a down payment on a short sale house. I currrently have my property up for sale and the lender refused me. I have a 791 credit score and owe $245,000 on a house worth $425,000. I do not want to lose the short sale as i picked it up at a great price. What can I do I need about $65,000 for down payment?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Kim this is really confusing, you have put up your hoause for sale and you want to borrowagainst it

Noe lender will agree to do that

Especially if you buyign this as your rental, then you will need more than 20% down

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

yes.

That is the reason why lender has refused.

stev998 · Joined: 27 Sep 2009 Posts: 19 -0.12 Dollars($)

hey kim
i think you understand why lenders are refusing

stevecomish · Joined: 16 Sep 2009 Posts: 48 0.08 Dollars($)

hi kim,

welcome to the forum,

My suggestion would be to do a bridge loan! Lenders will not do the 2nd because you have the house up for sale. Bridge loan will allow the house to be on the market.

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