Posted on: 02nd Jul, 2009 01:10 pm
The house that I have brought had hidden problems that I didn't know about - and I want to go back to the life style of apartment living. Can you help me?
Hi M_Traylor,
You must be having a mortgage on your existing home which has hidden problems. You will have to pay off the mortgage for that property and then you can purchase another property. If you're unable to pay off the full mortgage immediately, you should inform the lender and check if he can help you with a deed in lieu or a short sale.
However, you should note that whether you go for a short sale or a deed in lieu, both of them will effect your credit and you won't be able to purchase any property immediately. You can, however, rent a property and take other steps to improve your credit score. Then you can apply for a mortgage to buy a property.
Thanks
You must be having a mortgage on your existing home which has hidden problems. You will have to pay off the mortgage for that property and then you can purchase another property. If you're unable to pay off the full mortgage immediately, you should inform the lender and check if he can help you with a deed in lieu or a short sale.
However, you should note that whether you go for a short sale or a deed in lieu, both of them will effect your credit and you won't be able to purchase any property immediately. You can, however, rent a property and take other steps to improve your credit score. Then you can apply for a mortgage to buy a property.
Thanks