Posted on: 11th Feb, 2011 07:59 pm
Brief History... My wife and I bought our house 6 years ago, we now have a 4 year old. We all commute to the city everyday for work and school. The overall commute is over 3 hours a day. We really want to sell our house and have tried on three different occasions. We have never been late on a payment and do not have any issues paying our bills, but our way of life has been hampered greatly. We would like to buy another house that greatly reduces our commute, and have tried to get approved for another loan, but can not come up with down payment. What options if any do we have?
Hi longhorns,
You will have to sell off your present home and pay off the existing loan in full. Then you can try buying a new home with the help of a new mortgage. Unless you sell off your present property and pay off the existing loan, you won't be able to get a new loan though you have a down payment.
Thanks
You will have to sell off your present home and pay off the existing loan in full. Then you can try buying a new home with the help of a new mortgage. Unless you sell off your present property and pay off the existing loan, you won't be able to get a new loan though you have a down payment.
Thanks
Thanks Jameshogg, but I really wanted to know what my options were in paying off that remainder of the loan. I am not made of money, and do not have 30 to 40K lying around to throw at this house that were are upside down on. Are there any options to help out people like me?
Welcome longhorns,
You can apply for a deed in lieu of foreclosure in order to get rid of the property. Thus, you won't be liable for paying off the deficient balance after the sale of the property. However, the negative point is that you won't be able to purchase a new property immediately. You will have to wait for 3-4 years in order to qualify for a loan to buy a new property.
You can apply for a deed in lieu of foreclosure in order to get rid of the property. Thus, you won't be liable for paying off the deficient balance after the sale of the property. However, the negative point is that you won't be able to purchase a new property immediately. You will have to wait for 3-4 years in order to qualify for a loan to buy a new property.