Home Buying in Saint Louis>Question Details

dartguy440, Home Buyer in Saint Louis, MO

Being transferred to another state cannot afford double mortgage and would like to own my home still Help!

Asked by dartguy440, Saint Louis, MO Wed Oct 17, 2012

My husband is being promoted and we own our home now, we would like to purchase another home where we are going considering that I have looked at tons of rentals that are lacking for better use of the word, our house would probably not sell for what it is worth nor sell in time, we cannot afford a double mortgage and dont know if we would qualify to own two homes at the same time anyway our credit is not perfect being as though we were victims of mortgage fraud in our current home and I have had health issues and lots of hospital bills while we are working to correct that by making payments our credit still took a heavy hit, is our only option to short sale and if so will that prevent us from being able to purchase a new home? Help!!!

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A short sale or foreclosure will definitely hurt your credit for a number of years. Have you considered leasing your property out? You could hire an agent for leasing and a property management company to collect rent and manage the property. This may help until you can afford to sell.
0 votes Thank Flag Link Thu Jan 31, 2013
I suggest you talk with a trusted lender first. Find out what you could qualify for and what the criteria will be. With that you will be armed with what your options on financing will be.

As much as you want to buy a home, if you can not afford to buy, it's not the end of the world. You may need to build up a bit more credit. The reason many people are in mortgage problems now is that they could not qualify for those loans and the guidelines where not strict as they are now. So if a lender or two tell you that you don't qualify, it is in your best interest to wait so you won't be facing the same situation again.

All the best to you.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Wed Oct 17, 2012
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