Posted on: 25th Mar, 2012 10:35 am
I havent paid on my home in 3 years. The bank still hasn't foreclosed. I do not qualify for a shortsale due to value now. I want to buy a new home and only finance about 40% of the value. what can I do?
If the mortgage is more than the value...well that's no deal to buy as the seller needs to pay off the mortgage to give you title. And remember, frequently, the owner stopped caring/maintaining the property well before he stopped paying the mortgage. And remember too it can be risky and more expensive for you than the lender, as the seller may well have other debts that have attached to the property and will have to be cleared.
(The lender in whats caled first position, doesn't have to worry about these other lesser priority leins, but you do).
:idea:
(The lender in whats caled first position, doesn't have to worry about these other lesser priority leins, but you do).
:idea:
Hi szwarc,
Unless you get rid of the first property, it might be difficult for you to buy a new property. You can contact your lender and apply for a deed in lieu of foreclosure in order to get rid of your property. However, this will lower your scores by 250 points and you won't be able to qualify for a loan in the next 3-4 years.
Thanks
Unless you get rid of the first property, it might be difficult for you to buy a new property. You can contact your lender and apply for a deed in lieu of foreclosure in order to get rid of your property. However, this will lower your scores by 250 points and you won't be able to qualify for a loan in the next 3-4 years.
Thanks
In order to qualify for a new mortgage loan, first of all, you need to repay the existing mortgage loan. Unless you clear the existing mortgage payments, obtaining a new loan will be difficult.