Posted on: 07th Apr, 2010 07:29 pm
we are upside down on our mortgage for a house in seattle. our agent thinks the prices will not go up for a year at least so we will need to bring money to the table (if we can even sell our house.) in the meantime we had to move to st. louis and we entered into a rent to own contract. we need to buy the house by nov. we assume that we will not be able to get another mortgage to buy our current house. my dad may be able to get a mortgage the house we live in and quit claim deed it to us. do we qualify for the loan modification program? are we correct that it will be difficult to qualify for a mortgage on our current home?
As you are upside down on your mortgage, there are chances that you will be able to qualify for a loan modification.
As you already have a mortgage on one of your properties, it will be difficult for you to qualify for another mortgage on a new property.
As you already have a mortgage on one of your properties, it will be difficult for you to qualify for another mortgage on a new property.