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Bob Gray, Real Estate Pro in Massapequa, NY

My mortgage is currently more than my house is worth, I'd like to buy a larger home but I'm afraid I'll take beating selling my home now.

Asked by Bob Gray, Massapequa, NY Sat Jan 5, 2013

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That question was asked by a recent home owner I'm working with. I told them that the larger house they wanted would be more expensive then the house they're selling and whatever they lose on the sale of their house they will more than gain on the purchase of the more expensive larger house. I'm happy to say they were able to sell their house and get a great deal on the larger home.
0 votes Thank Flag Link Sat Jan 5, 2013
Hi Bob,

If you sell now it would be a short sale - unless you are going to pay the difference between what you owe and what you sell for. If you do a short sale, you have to prove financial hardship to your lender(s). If you have a provable financial hardship, you will not qualify for a new loan for a new house. Now, if you can pay the difference, there will be no effect to your credit because it would not be a short sale.

If you cannot pay the difference, another option might be to rent out your current home.



Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Sat Jan 5, 2013
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