Posted on: 08th Oct, 2008 03:04 pm
My son in law is 'upside down' in his mortgage to the amount of $20K. He needs to move. He wants to sell his home and carry the loss over to be financed with the new home (although he will then have nothing for a down payment). How likely is a bank to pick this up?
what he is proposing to do is not feasible. furthermore, i fail to understand how financing his shortfall would leave him with no down payment. if he is "upside down" to begin with, there will be no funds coming from his sale for the purpose of down payment anyway.
a new lender for a new home purchase will not be able to grant 100% financing in this current market. obtaining 97% financing is difficult enough, but 100% simply isn't a viable option anymore. and a shortfall from a sale would have no bearing on the purchase of a new property, save that he'd have no funds.
a new lender for a new home purchase will not be able to grant 100% financing in this current market. obtaining 97% financing is difficult enough, but 100% simply isn't a viable option anymore. and a shortfall from a sale would have no bearing on the purchase of a new property, save that he'd have no funds.