Posted on: 30th Jan, 2009 03:16 pm
My home has dropped about $150,000 in value and the bank does not want to modify my loan. I'm thinking on buying another house, since now you can ge a bargain on the houses, and then short sell on my first house.
Can the bank deny my short sell since I bought another house?
Can the bank deny my short sell since I bought another house?
First, you will need to continue making on-time payments on your current mortgage. Then you will need to qualify for your new loan with the existing loan as part of your total debt ratio.
That being said, there is still no guarantee that you will be able to short sell our current home.
That being said, there is still no guarantee that you will be able to short sell our current home.