Can you put your old mortgage in with your new that depends on two things,
is there enough equity in your new purchase to allow you to add your existing mortgage to it without exceeding the loan ratio's. (But in this scenario it means you would have the excess cash to purchase the new home)
2ndly do you have enough income to allow you to get that mortgage while you still have the mortgage on your existing home (until you pay it off)
I have done this myself where I have a primary home and a vacation home, plenty of equity in both. Took out a higher home equity line on my vacation home and paid off my debt on my primary residence. It did not change what I owed it changed who I owed it to.
Thanks for your question. It seems like you are in a difficult situation, which I love to help people work through!
You are not able to have 2 homes in one mortgage. However, you can consider the 2 following options:
1) Sell your current home. This is the simplest, but not always the easiest to get done, depending on equity, local market etc. If this is not an option you can:
2) Rent out your current home. There are some requirements that you would have to meet, and likely reserves you would need to put down.
To advise you more personally, give me a call, or send me an email, and we can find a solution to the problems you are facing.
Avery Garrett, Realtor
Read my reviews, search for homes (including bank-owned foreclosures), or find out what your home is worth at http://www.SoldByAvery.net
Sr. Mortgage Banker
NMLS # 659743
Mortgage lenders will only let you borrow money secured by the property you are purchasing - the current mortgage is tied to your current home and the new mortgage will be tied to the new home.
In most cases, this question comes about because you can't quite sell the current home for enough to pay off the mortgage, or you don't have enough equity in the home to put it up for a quick sale.
If this is the case, then in order to buy the new home you would need to be able to qualify for BOTH mortgages. Then once you are in the new home you can attempt to rent or sell the old home.
Best of luck!
Sanjeev Ahuja, NMLS #148731
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)