Posted on: 02nd Nov, 2010 08:21 pm
I WANT TO DO A LAND SALE CONTRACT OR SELLER FINANCE ON MY HOME WITH A 71,000 BALANCE--I SHOULD BE ABLE TO GET AROUND 150,000--MAY I TURN AROUND AND BUY MYSELF A SMALL CONDO EVEN THOUGH I HAVE THAT ORIGINAL AMT OWING ON THE LAND SALE AND WOULD THAT AMT BE TACKED ONTO MY NEW MORTGAGE?
Hi lynnperkinsbrown,
If you already have a mortgage on one of your properties, it will be difficult for you to get a mortgage to buy a new property. You should first sell off the existing property and pay off the dues in full and then apply for a new mortgage.
Thanks
If you already have a mortgage on one of your properties, it will be difficult for you to get a mortgage to buy a new property. You should first sell off the existing property and pay off the dues in full and then apply for a new mortgage.
Thanks