Posted on: 06th Aug, 2008 11:00 am
I am currently buying a townhouse and owe more than what it would be appraised at based on the market sales but I want to buy our family house which we have been giving first chance to purchase. How do I do this without taking a drastic loss in my current property?
Welcome tpttop.
If you owe more than what you owe to the mortgage company then the mortgage company may come after you for the deficiency judgment. Are you willing to sell out the current property to pay off the mortgage company?
Now whether you can buy the family house will depends upon how good your credit score is and how much do you earn now? First decide whether you can afford the mortgage payments. If you now face foreclosure or deed in lieu then your credit score will be drastically dropped and that may create problems to get approve for the loan.
If you owe more than what you owe to the mortgage company then the mortgage company may come after you for the deficiency judgment. Are you willing to sell out the current property to pay off the mortgage company?
Now whether you can buy the family house will depends upon how good your credit score is and how much do you earn now? First decide whether you can afford the mortgage payments. If you now face foreclosure or deed in lieu then your credit score will be drastically dropped and that may create problems to get approve for the loan.
Yes, I want to sell my current house just for the amount I owe and start over with the family house. With the market down I probally could not get just payoff. I am not facing forclosure and actually moving to the family house which is bigger, I would have extra help with the mortgage since other family members wants to rent a room and one to rent the basement.
Hi skittles.
Welcome back.
You can sell out the property to pay off the lender. BTW how much do you owe to the lender and how much is the appraised value of the property? Have you informed the lender that you want to sell the property so that you can pay him off?
Best of luck,
Larry
Welcome back.
You can sell out the property to pay off the lender. BTW how much do you owe to the lender and how much is the appraised value of the property? Have you informed the lender that you want to sell the property so that you can pay him off?
Best of luck,
Larry