Posted on: 11th Sep, 2010 02:09 pm
I sold my primary residence in Las Vegas and have been renting for 8 months. I could buy the house I'm renting and the mortgage payment would be half the rent I pay now. But I have three investment properties in Oregon that I am way upside down on. I have been dipping into savings to keep all this afloat, but I'm running out of money. If I buy a primary residence in Las Vegas, then short sell the Oregon properties, is that illegal?
Hi Wally,
It will be difficult for you to take out a mortgage in order to buy a property as you already have 3 investment properties in your name. Unless you get rid of these properties, the lenders will not be ready to give you a new loan to buy a property.
It will be difficult for you to take out a mortgage in order to buy a property as you already have 3 investment properties in your name. Unless you get rid of these properties, the lenders will not be ready to give you a new loan to buy a property.