Posted on: 21st Apr, 2010 09:12 am
My mortgage payment is out of control. We can't afford our home anymore. I haven't been late on my payment ever, but I am tired of all my money going into my house. What are my options? If I do a deed in lue, will I be able to purchase another house right away?
Tony
Tony
hi anthonybell,
you can go for a deed in lieu of foreclosure in order to get rid of the property. however, after a deed in lieu of foreclosure, you won't be able to get a mortgage immediately. you'll have to wait for 3-4 years in order to get a mortgage to buy a new property.
you can go for a deed in lieu of foreclosure in order to get rid of the property. however, after a deed in lieu of foreclosure, you won't be able to get a mortgage immediately. you'll have to wait for 3-4 years in order to get a mortgage to buy a new property.
If I do a short sell of my home, will I be able to buy another home right away?
Tony
Tony
Hi Tony!
Welcome to forums!
After a short sale, you won't be able to buy a property immediately. You'll have to wait for 2-3 years in order to get a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
After a short sale, you won't be able to buy a property immediately. You'll have to wait for 2-3 years in order to get a loan.
Feel free to ask if you've further queries.
Sussane