Posted on: 12th Mar, 2009 01:55 pm
Here is the problem.
I have a first with WF for 285,000. and a second at JPMC for 100,000. I am upside down on my mortgage. The market value in the area for my house is 325,000. With my upgrades I am hoping for 350, 000. I am in credit couneling for CC Debt for about 160,000 for the next 4 years. My credit is shot due to the Credit Counseling. I am current on my mortgage and HE and other debt.
I want to move to a new home in a different town (better Schools). House is a bank owned Forclosure. House will cost 370,000.
Is there any way to roll my shortfall into the new loan. I also do not have a down payment.
thoughts?
I have a first with WF for 285,000. and a second at JPMC for 100,000. I am upside down on my mortgage. The market value in the area for my house is 325,000. With my upgrades I am hoping for 350, 000. I am in credit couneling for CC Debt for about 160,000 for the next 4 years. My credit is shot due to the Credit Counseling. I am current on my mortgage and HE and other debt.
I want to move to a new home in a different town (better Schools). House is a bank owned Forclosure. House will cost 370,000.
Is there any way to roll my shortfall into the new loan. I also do not have a down payment.
thoughts?
Hi Evilcrog,
I don't think lenders would agree to roll your shortfall into the new loan. Moreover you have mentioned that your credit is also lowered due to the credit counseling. Considering the market situation right now, lenders will not give you a loan if your credit is bad. Moreover, they will also check your financial situation before approving the loan.
I would suggest you to improve your credit first and then look for a loan. This will also give you time for savings which you can use as down payment while taking the loan. To know more about improving your credit, check out the following page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
I don't think lenders would agree to roll your shortfall into the new loan. Moreover you have mentioned that your credit is also lowered due to the credit counseling. Considering the market situation right now, lenders will not give you a loan if your credit is bad. Moreover, they will also check your financial situation before approving the loan.
I would suggest you to improve your credit first and then look for a loan. This will also give you time for savings which you can use as down payment while taking the loan. To know more about improving your credit, check out the following page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks