Home Buying in 48198>Question Details

abellarj3, Home Buyer in Houston, TX

We are planning to buy a new house but we are upside down with our current home. Is there any way we can purchase a new house?

Asked by abellarj3, Houston, TX Sun Dec 16, 2012

We already pre-approve (FHA) and was told by the loan officer that we can make an offer for a new house but we need to sell the current house Because we cannot be approve on 2 (FHA) loans.

Can we rollover the amount to the new house?

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Answers

3
Don't get into a bigger mess then you are already in. Sell your house first before you get stuck with 2 mortgages. Pre approvals are only a quick view of your financial situation. You may or may not be able to get financing once you actually apply for a mortgage. I see it happen all the time.
0 votes Thank Flag Link Mon Dec 17, 2012
Home mortgages are attached to that specific property such that if the note is not paid, the bank can claim the property. The property is collateral for a mortgage. That is why you can not do that.
0 votes Thank Flag Link Mon Dec 17, 2012
You can't rollover the amount to the new house. You will proabaly have to pay the difference out of your pocket to avoid having to do a short sale on your current home.
0 votes Thank Flag Link Sun Dec 16, 2012
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