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Just had a question... We have an existing loan with the USDA for our home we live in now... As our family continues to grow, we have less and less room. Is there such thing as up-sizing to a larger home with another USDA loan without getting penalized for selling our home, since we do get payment assistance? Or are there loans available to maybe add on to our existing home? (I dont even know if an add on is a possibility though.) If someone would be so kind as to send me or direct me to where I can get these questions answered it'd be very appreciated. Thank you.
Sincerely K.A. Rios

smithsussane · Posted: Tue May 26, 2009 7:52 pm Post subject:

Hi K.A. Rios!

Welcome to forums!

You can go for home improvement loans to improve your home or add rooms to it. You have mentioned about payment assistance. Did the lender approve a loan modification or principle reduction?

If you want to get rid of the present home and buy a new home, you'll have to sell off this property and pay off the mortgage dues. Then you can look out for another property.

Feel free to ask if you have further queries.

Sussane

admin3 · Posted: Wed May 27, 2009 2:14 am Post subject: RE : Mortgage

Hi,

I can only suggest you The Treasury Department has already announced an incentive scheme for borrowers to work out more short sales. Although details have yet to be released, major lenders seem generally supportive. Bank of America management executive David Sunlin believes that a more systematic negotiation scheme could help steer the industry in the right direction.

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