Posted on: 07th Jan, 2011 03:55 pm
we live in a 1 bedroom condo. we have been saving up to refinance. recently, there is a short sale going on for a 2 bedroom condo. and, the price is cheaper than my 1 bedroom!
due to the current state, if i don't think i would sell my 1 bedroom home anytime soon. (there are 4 of those in the market for months now)
since my wife and i have been saving up money for refinancing, we have enough to pay 20% down for the short sale home. here comes the problem.
my wife worked out of the country for 3 years, now she is back in the state. she only work for 4 months. would she be able to be count as a co-borrower for the new second home loan? if she doesn't, then what would i do to a get this mortgage?
next, what would i do with the first primary 1 condo home? i don't care about selling it at a 30% lost. but, even if i do, i am afraid that i wont be able to sell it for another 6-12 months. if i rent it out, there is a note in my mortgage that said the condo must be primary use only.
help!
due to the current state, if i don't think i would sell my 1 bedroom home anytime soon. (there are 4 of those in the market for months now)
since my wife and i have been saving up money for refinancing, we have enough to pay 20% down for the short sale home. here comes the problem.
my wife worked out of the country for 3 years, now she is back in the state. she only work for 4 months. would she be able to be count as a co-borrower for the new second home loan? if she doesn't, then what would i do to a get this mortgage?
next, what would i do with the first primary 1 condo home? i don't care about selling it at a 30% lost. but, even if i do, i am afraid that i wont be able to sell it for another 6-12 months. if i rent it out, there is a note in my mortgage that said the condo must be primary use only.
help!
Hi BenC,
If she has proper documentation of her work history out of the country, then she may qualify to co-borrow for the mortgage. As far as your primary condo is concerned, you'll have to sell it off before you buy another property by taking out a new mortgage.
Thanks
If she has proper documentation of her work history out of the country, then she may qualify to co-borrow for the mortgage. As far as your primary condo is concerned, you'll have to sell it off before you buy another property by taking out a new mortgage.
Thanks