Posted on: 11th Apr, 2011 07:33 am
I have to relocate for my job, I have my house up for sale as a short sale and have sent in my hardship package to the mortgage company. I am getting a prequalification for a mortgage where I am relocating to. If I get prequalified and find a home to purchase what is the best option form me with the home that I have up for a short sale?
Hi ShawnH!
Welcome to forums!
You can short sale the current property once you receive the new mortgage to buy another home. You should surrender the property to the lender if he accepts your request for short sale. It will help you in getting rid of the property. However, you'll be liable for paying the deficient balance resulting from the sale of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can short sale the current property once you receive the new mortgage to buy another home. You should surrender the property to the lender if he accepts your request for short sale. It will help you in getting rid of the property. However, you'll be liable for paying the deficient balance resulting from the sale of the property.
Feel free to ask if you've further queries.
Sussane
Not necessarily true. It depends on your state and the type of security used in your loan. A mortgage and a deed of trust are 2 completely seperate things. If you live in a non-judicial state then the lenders only recourse is to take back the collateral. If you have a power of sale clause in your note, than you have a non-judicial foreclosure. Unless you can cover both mortgage payments, it is not wise to let your current home become delinquent or even sold via short sale. Lenders treat short sales, foreclosures and deed in lieu as the same and you would not be able to get new financing. Your best option is to keep the mortgage current, get approved for your new home. Then sell or let go of your current home. Good Luck!
