 jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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 Posted: Thu Jul 02, 2009 7:27 pm Post subject: |
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Hi M_Traylor,
You must be having a mortgage on your existing home which has hidden problems. You will have to pay off the mortgage for that property and then you can purchase another property. If you're unable to pay off the full mortgage immediately, you should inform the lender and check if he can help you with a deed in lieu or a short sale.
However, you should note that whether you go for a short sale or a deed in lieu, both of them will effect your credit and you won't be able to purchase any property immediately. You can, however, rent a property and take other steps to improve your credit score. Then you can apply for a mortgage to buy a property.
Thanks |
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