Home Buying in 96109>Question Details

Patti, Home Buyer in 96109

We bought a house in another State & can't sell our house..how will that effect the new house? We are planning to walk away from the old

Asked by Patti, 96109 Mon May 23, 2011

house. can't sell our house but bought another one in another state. As we are going to walk away from the old house..how is that going to effect our new house mortgage, etc.

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Hi Patti,

You say you can't sell your house. Why not? Have you tried to do a Short Sale? That is a better option than a Foreclosure. Another option would be to see if your lender would do a Deed In Lieu Of Foreclosure. If they won't, maybe you should consider doing a Short Sale?

Shanna Rogers
SR Realty
0 votes Thank Flag Link Mon May 23, 2011
Probably the only thing you have to worry about is if the New Lender is affiliated with the Old Lender.
0 votes Thank Flag Link Mon May 23, 2011
That dpends upon the rules in the state of the house you are walking away from. If it is a non recourse state no effect.
0 votes Thank Flag Link Mon May 23, 2011
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