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fb1907
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 Posted: Wed Oct 28, 2009 3:57 pm Post subject: Shortsale + New Mortgage with a Cosigner? |
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I own a condo that i purchased for $279K. I still owe $272K. The market value of the condo seems to be $220K now.
I recently got engaged. And she wants to buy a house with me. I really want it to happen too. But of course, nobody will approve me for the 2nd mortgage.
She qualifies for $400K house herself. She has good credit, good paying job. After the short sale, they predict that my credit score will be down to 500 or so.
She wants to buy a house if my name is on the mortgage too. So what should i do?
If I do shortsale, will they qualify me a new mortgage with a cosigner with perfect credit?
So should i do a shortsale? if yes, should i stop making payments on the current mortgage?
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 chrisburns
Community Experts
Joined: 13 Nov 2007
Posts: 372
Location: Florida
64.35 Dollars($)
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| Posted: Wed Oct 28, 2009 6:22 pm Post subject: |
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If she can qualify on her own now then why don't you let her purchase the new home while you shortsale your home and work on your credit?
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Chris Burns
Five Stars Mortgage, LLC
Office: 800-871-2636 ext. 200
Cell: 407-456-3697
Florida Mortgage
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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| Posted: Thu Oct 29, 2009 8:13 am Post subject: |
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apparently she is opposed to living in your current home; hence the dire need for you to let it go. is this right? i agree with chris - let her be the buyer while you work on getting your credit straight.
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George M. Akerley
Loan Consultant
860-221-5044 |
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