Home Buying in 33990>Question Details

Rafi, Home Buyer in Lehigh Acres, FL

can i buy a house and short sale mine?

Asked by Rafi, Lehigh Acres, FL Sun May 10, 2009

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Answers

34
Terri’s answer
I;m am trying to find out the same information. I owe $79,000 on my home, it is currently valued at approximately $40,000. I had an accident 5 years ago, and am now permanently disabled,. My only income is Social Security Disability making $1100/month with a house payment of $800. I have been able to stay current on my house payment for the last 5 years by taking the money from my savings. My savings is now close to gone. I've tried talking to my mortgage company asking for an interest rate reduction or some type of loan modification to no avail. At the rate I've been going through my savings, it will be depleted in 20 months, and I will still have a huge mortgage to pay off. I would like to take what little savings I have left and buy another house. Of course, I'd never qualify for another loan with my current debt to income ratio.

I've worked hard all my life, always paying my bills, and I find it horrifying that I can't find a way to avoid being homeless within the next couple years.
0 votes Thank Flag Link Sun Mar 10, 2013
BEST ANSWER
If you have enough cash to buy the new house without a mortgage, then a short sale on your current house won't matter. Otherwise, you probably won't be able to, because you'll have difficulty qualifying for the new mortgage, and because buy-and-bail strategies are not tolerated.
4 votes Thank Flag Link Sun May 10, 2009
sure........ignore your responsibilities and add to the current mess we are in. When did it become acceptable for people to borrow money and then turn around and say "I am not going to pay you back"?

Essentially.......it is the same as stealing and should be dealt with more harshly than it is now.
9 votes Thank Flag Link Sun May 10, 2009
Thats a pretty harsh and condiscending answer. The person asking the question didnt ask if they can let the house go in to foreclosure. They asked if they could shortsale it. That is between them and their lender. If their lender is ok with letting them shortsale, then in no way does it make them a scumbag. They asked if they could buy a home, and shortsale theirs. This person has depleted savings to stay on time with payments. How dare you treat them like they are a thief. Part of the reason we had the bubble was too many people buying and building homes. I doubt you were refusing business back then to avoid a bubble. So you enjoyed your commissions, watched the bubble form, but now want to lecture decent, hard working people on the results? You should be ashamed. We are all to blame, and all share the results. Stop lecturing people in need, and pehaps start offering solutions.
Flag Tue Mar 12, 2013
It became acceptable for people to do what's in their own best interests within the letter of the law the day after the real estate community and mortgage/finance industry decided it was in their best interests to screw the American people for their own profits.

Doing what's right for yourself is the same as pretending you are a real estate broker, mortgage originator, lender, underwriter, or any other person in the real estate chain.

Grow up and quit being such a baby because one party doesn't play the game the way that benefits you and others the most.
Flag Sat Nov 24, 2012
So you want to buy a house at the low prices and sell the one you agreed to buy at a loss to the bank? Who are you? Do you all not get that WE are all paying for these horrible choices - the ones made by the "subprime" world, Wall Street??? And now we would be paying for yours too if you bail on your house and you criticize the people that made the mistakes that got us into this mess? Why are you any better?

I am reading the responses below and am appalled. So you choose to buy a house, you shopped for a good loan, you talked to a Realtor and asked appropriate questions about the market and listened to Alan Greenspan say there was no housing bubble. Then the market starting tanking and you think everyone else should have known this was coming??? Noone questioned it all when pricing were going up and your 401K was going up. We just bought more and more and more and thought it was our American dream. What difference does it make what your house is worth if you don't have to sell it? You have no responsibility to pay your debt back because your house is worth less than you paid/owe on it????? Hello, look in your garage at that car you own. That is ALL of us - me included, on all 4 of my houses. So let's all give our houses back to the bank? SERIOUSLY? So if your house had gone UP in value, would you have paid the bank MORE for it? Who said your house was guaranteed to go up in value?

People, just sit tight and pay your mortgage. There is historical data suggesting that it is not unusual to see Real estate go up and down in value over time. If you have to move, rent it out and rent another house or rent out a room. The market will likely rebound in time. And if you keep paying your mortgage the balance goes down. In the meantime, take some personal responsibilty here. What a crazy sense of entitlement we all have in America. If you lost your job, deliver pizza's/find any job you can even if it is beneath your standards. Maybe a stay at home spouse has to get a job, maybe you need a 2nd job, cancel cable, eat at home, buy generic, grow a garden, no vacations, carpool, sell your unused stuff, get rid of the SUV payment and buy an older used car in good shape, negotiate with your credit cards, not your HOME. Watch the Dave Ramsey show.

This isn't STUPIDITY, this is life. If you foreclose or do a short sale, it is unlikely you will be able to buy another house for about 3 years. Banks have caught on to the bright idea of buying and then letting the other house go, they are looking for this now. Your credit is ruined. All your other interest rates on your debt is likely to rise. You will be renting anyway. Then you will see the house you let go rebound in value and you will be kicking yourself. America - let's grow up and take personal responsibility. For all of you that are paying your mortgages, thank you. Because of you, we will get out of this mess sooner!
5 votes Thank Flag Link Thu Jul 2, 2009
Thank you for having the guts to say what alot of us feel.
Flag Thu Feb 28, 2013
I am going to answer this question, even though it is over 2 years old. I think if you asked the same question today, you would get less bashing than you did back then!

The answer is yes you can buy a house a short sale yours. To do it immediately, you would need to be able to qualify for another mortgage and the lender will consider your current mortgage, too. If you do not qualify for a loan, then you would have to pay cash.

If you short sale your home before December 31, 2012 and it is not your primary residence, you may have a tax issue. You need to speak to a short sale specialist, and attornery, and your accountant. The waiting period to qualify for another loan after a short sale can be as soon as 2 years.

The truth is there are Owners who pay the mortgage on time, are upside down, and they have to sell. There is no program for those Owners, except to default on the loan or pay the shortage.

There is no program for the Owners who are at a high interest rate, upside down in value, and would like to refinance, either. There is only 1 that I know of, and you have to be at 105% LTV. Most are above that benchmark.

In my opinion, the Banks got bailed out and the folks who default have special bailout programs, too. However, the folks who pay their mortgage on time and are underwater get NADA. "They" really screwed up the housing recovery by not addressing these issues. I do think Wall Street and Main Street learned a really harsh lesson and we are all paying the price.
4 votes Thank Flag Link Mon Sep 19, 2011
I like your explanation . In this world good middle class people are not worthy of living comfortable life. They cannot become rich and they cannot get help which poor people get. They just choose to work hard like a donkey.
Flag Wed Apr 18, 2012
You know whats funny about this. When Banks capitalized on the green light to do subprime mortgages using unqualified brokers who ultimately inflated incomes in order to get loan approvals, the banks were not complaining. Capitalism at its finest. The bottom falls out all of a sudden, and we get the " hey I didnt see that coming". Now there seems to be an opportunity for the little guy to get ahead using a loophole in the system and we are passing moral judgement. Is it a loophole or capitalism? Why should'nt the hardworking middle class American who bought a house during a time when real estate was over priced due to the demand, fueled by lenders putting people into houses they would not be able to afford in 5 years. Now my house is worth 2 cups of sugar and a tea bag. Ahhhhh, but opportunity knocks. Eighth grade history has proven to be useful - Carpe diem my friends - Carpe diem. Don't you love Capitalism- oh wait a second. You only like Capitalism when your exercising it, not when someone else is exercising it against you. Hardly seems fair, loopholes don't you love them. Of course you do. Aint it cool
4 votes Thank Flag Link Mon Sep 19, 2011
I'm shocked at some of the responses here only because you assume this persons situation is one they have control over. That is not always the case. We are not looking to BUY another house but will settle on renting and are not WALKING AWAY from our home but have no choice but to leave. When other factors are involved sometimes you do not have the choice. My husband did not CHOOSE to lose his job 3 years ago and find a job that pays 20k less a year. Yes he has taken part time jobs and we have sold of things. If you remember, three years ago is when the gas prices skyrocketed too. At one point we were paying almost $400 a month to commute which was a $200 jump for the month. That adds up too when your income is less. Eventually, time and money run out. We cannot afford our payments so we must rent a cheaper home. Some people are in the same boat. They are not leaving because they feel they paid too much for their home but they might not have the money TO pay for their home. Sometimes, just the difference of $500 a month is enough to keep the lights on. It is insulting that you would have to explain to someone that they can try and find other means to make money. Wouldn't you ASSUME they have exasperated all all avenues before leaving what they call "home". You should ASSUME that since you ASSUME they had a choice in the matter.
4 votes Thank Flag Link Thu Jun 3, 2010
In 2005 my husband I bought a modest 3 bed/1 bath 1100 square foot house in the cheapest neighborhood in the area. We put 10% down and got a 6% fixed rate 30 year loan. Our neighborhood has been hit hard by foreclosures and now we are upside down on our mortgage and so our lender will not let us refinance at lower rates. Our house is worth about half of what we still owe on the mortgage. There was no way at the time we bought that we could have known that the prices were being driven up by the subprime lending practices. However, our lender, who is specifically in the business, should have been aware of this.

Why should we take the hit when we were acting responsibly? We did not cause the crisis. We bought what we could afford. But now we end up being the ones paying for other peoples' irresponsibility or greed. From a business perspective, it would totally make sense to buy and bail at this point.

We have no credit card debt, paid off student loans before buying a house, waited to start a family until we were financially stable. Our only other loans are our car loans.

This whole thing is rotten, and the responsible people are the ones footing the bill. Could someone please explain to me how staying in this house is not an act of extreme stupidity?
3 votes Thank Flag Link Sat May 16, 2009
Many people are short sales on their homes in Florida, not because they do not want to own up to their obligations, but because banks will not refinance homes that are upside down in their mortgage. I f you bought a house in the last few years in Florida it has lost at least 25% of its value and most likely more. Many loan programs require a refinance in 3 to 5 years and this is not possible so its either short sale or foreclosure. There are a lot of people who got caught up in this situation that did not do anything wrong. It is unfair to just assume that people are not trying. Some people are in a situation where they are going to loose their home due to the above circumstances but before that happens they have good enough credit to buy a small home with the low prices of today. At least when the bank refuses to refinance them, they have a place to live. To much blame is being tossed around without facts and knowledge. We hear all the time about loan modifications, I know of several people who have been trying to do that. It is a joke, especially here where their is such a huge difference in the loan amount and the market value. Most of these people would prefer to stay in their home but they can't without a refi. This is not helping the market in any way and it will continue for the next 3 years until all of these types of loans come due.
3 votes Thank Flag Link Sat May 16, 2009
Rafi.....newsflash.........
You are on a real estate site asking for information. You wil get real estate agents answering! Bashing the people because you don't like the answers doesn't seem terribly appropriate.
If you want legal advice from an attorney - call one and hire them.

I am just curious - if you can't afford to make payments on the home you are in - why do you want to buy another one? if you have money to make a new purchase - why not work out something with your current lender, and take care of your current obligation? I am sure those financial advisors (whose advice you are seeking ) will appreciate your good faith efforts.
3 votes Thank Flag Link Mon May 11, 2009
There is no way you will be approved for a short sale without demonstrating hardship and buying another house will not be considered a hardship. you cannot do a short sale without lender approval and this will not be a go. "Buy& bail' when applied to foreclosures is considered mortgage fraud. Even if you were approved for a short sale,your credit score would take a 200-300 point hit. in most states the lender could sock you with a deficiency judgment and you would be required to come up with the difference in what you owe and the short sale price.
3 votes Thank Flag Link Sun May 10, 2009
I think that the people who are judging those that are doing short sales and trying to buy another home at the same time are cold heartless people!! We have been married 50 years. We bought our last house to retire in with 80,00 down 5 years ago it is worth nothing now! because of politicians who allowed people to buy homes who could not afford to buy them.. all our lives we figured our home was our future....well shame on us, for being naive for the past 50 years of our marriage all we have to show is a 800 FICO score wow. We cannot refinance our home which is so underwater.... our health insurance is now 5000 a year our prescriptions are 10k a year and it is costing us 36 k a year we make 64 k a year well we dont hav much left to live on....I am fed up and a bible believing christian and i will tell you if i have to i will short sell this house because it is just that a HOUSE! And Barney Frank and his ilk can have it and he can rot in hell as far as i am concerned but guess what he wont be touched he will get off scott free while we will be called irresponsible sad isnt it!!!
2 votes Thank Flag Link Sun Mar 27, 2011
Hi Rafl,

A lot of mixed answers below. Reality is.... if you can manage purchasing a new home and qualify for a mortgage, then list and attempt to short sale your home, then the answer is yes...

Until you try, you'll never know, but you can lose everything you have in the process. Speak with a real estate attorney for more specific advice; they'll analyze specifics and tell you a more precise answer.

Good luck.
1 vote Thank Flag Link Sat Jun 11, 2011
I would like to know the answer too without being bashed. I am one of the few fortunate ones that have no trouble paying my mortage. I bought my house when I was 20 years old on a 30 year fixed. I refied about 5 years back, for a much lower rate, and make my payments no problem. However, even after paying on it for 11 years, it's still worth less then I can sell it for. I know I'm missing out on a ton of great deals out there, but I can't afford two house payments or to take a loss on the house I'm in. If it seems wrong for me to want to better my possition in life, I refuse to feel bad about that. Any advice would be helpful.
1 vote Thank Flag Link Thu May 12, 2011
Lo, you're probably one of those idiot-broker who put unknowing borrowers into one of these BAD LOANS that jacks-up the rate to to 2-3% more, and expect people to make payments to the bank that owns these bad loans. At the same time these banks are taking your tax dollars via Hank Paulson and the Bush Administration to recup the losses that you idio-brokers started in the 1st place!!!
1 vote Thank Flag Link Tue Sep 14, 2010
It allways boggles my mind when people respond that it's the buyers fault. The "buy and bail" comment makes no sense in most cases. I put 100K into my home and now I am short selling it. I could not afford it. I cleaned out my 401k and my daughters college fund trying to keep up with my payments. How can it be justified on the banks part that a loan be made when I hid nothing on my financials. I had to go through every detail of my finances in order to get approved. They were betting on things getting better and home prices going up they did not care whether my family and I were going to be left homeless. The banks put our country in this mess and now not only will I pay for it so will my kids. Dont blame this on Main Street buddy.
1 vote Thank Flag Link Fri Jun 5, 2009
Buying will be a challenge after going through a short sale. You really haven't mentioned whether or not you were delinquent. If you were, that will definitely make qualifying for a new home loan much harder. I believe that trying to stay in the house is better and I agree with the individual who recommended modification. This might be an opportunity for you to keep your home and avoid having to start over again. Check out the site.

Good Luck
1 vote Thank Flag Link Mon May 11, 2009
By the way,thumbs up toboth of you,James & Jesse for your honest,ethical answers!
1 vote Thank Flag Link Sun May 10, 2009
Your best bet is to add extra payments per month, plus inflation, so that the cumulative effect of both will get rid of your negative equity. Here's one of the few calculators I found online, that can be used to calculate how an under-water borrower, can reach positive or break-even equity:

http://www.mtgprofessor.com/calculators/calculator2d.html

You can assume rate of growth at 3%, the rate of inflation. You need to have a pretty good idea of what your home is currently worth.

With time, and patience, your equity will come back. A 10 year time horizon is reasonable, and at least 7 years . The best approach is to follow this method:

a) Create a 3 to 6 month cash cushion in the bank first. If you lose your job, extra principal payments will not help you.

b) Pay off your credit card debt and pay down your consumer debt
c) Sell your expensive SUV or Luxury car and trade for something smaller and very inexpensive.
d) Use the combined cash flow freed up with all of the above to then apply extra principal payments

Use the link above, as I found it to be an excellent reference guide and I recommend it to others.
0 votes Thank Flag Link Mon Nov 26, 2012
So you are now paying money on a house that is significantly upside down. You say to yourself, I'm throwing good money after bad each and every month that I'm doing this. So why do it? I can buy a nice house, at today's lower prices, dump this financial alligator, and then short sale the existing one. I still have good credit, so I can indeed quality for the new one, even though I have the existing one. Then, I don't care if my credit is ruined, as long as I have the house I want. Is that your thought process? My answer to you is: Don't do it!! is is called "buy-and-bail". This is called a strategic default. First of all, if you can afford payments on the new one, you can afford payments on this one. The loss of equity is something we are all dealing with. The only way to get back into a positive equity position is to pay extra toward principal every month, for at least 7 years, and between making your normal monthly payment and the extra payment, you will eventually have positive equity. The market will eventually come back, but even if it doesn't you bought your house as a place to live, not as an investment. Think long term, of at least 10 years. You will be liable on the "forgiven" amount that will be re-attached to you. You are facing 25 years possible jail for mortgage fraud. Don't do it.! Do it the correct way,by paying down this one, not buying a new one.
0 votes Thank Flag Link Sat Nov 24, 2012
How many fewer foreclosures and short sales would there be if the banks had taken their taxpayer handouts and used them to buy back/sell down mortgages or forgive % of principal like they were supposed to?

And yet here we have someone acting within the letter of the law, trying NOT to cost taxpayers or others money, and he/she is getting attacked by people who read one thing and automatically assume much more.

Besides, one of the things holding back the economy is the real estate market has not worked out all of the inventory of homes still at bubble mortgage balances. Until that happens, the real estate industry will continue to weigh down the economy and hold back any recovery.

What this person is researching is logical for all parties involved. If he/she holds onto the current property, how long til short sale or foreclosure anyway? If he/she purchases a smaller, much more affordable home, he/she will have more disposable cash and will start consuming more/paying down other debt sooner, thereby helping boost the entire economy. The banks wouldn't agree to this if it weren't in their best interests anyway, so I commend the person for investigating all the alternatives.
0 votes Thank Flag Link Sat Nov 24, 2012
Here's how it works: a foreclosure affects your credit score for 7 years. Your score drops 250-300 points. When applying for a new loan, you have to disclose you previously had a foreclosure. By contrast, a short sale only hurts your credit score 50-100 points. You are reported as "paying for less than the full amount owed", but there is no such thing as reporting a "short sale". It's like settling a credit card debt: it's a ding and it's not a public record. When filling out a new loan application, and you are asked if you had a foreclosure, the answer is NO!

The FHA is now lending with credit scores as low as 500!!

However, if you are CURRENT at the time you do your short sale, and have no missed payments, you can buy again IMMEDIATELY. However, even if you are one payment late, you have to wait 3 years before you are allowed to buy again.

You can do a short sale by having a hardship. That hardship could be having to move to another state for a job change. That hardship could be a divorce. That hardship could be crime in the neighborhood and you feel unsafe. It's not always necessarily a financial hardship.

So stay current on your house. Get financing for the new one in place and find one you like. Short sale this one and try to get it approved without missing any payments. It's tricky to get it approved, because why would the bank approve you if you are current? But it is possible.
0 votes Thank Flag Link Fri Aug 24, 2012
I'm amazed that some people are just judging this person. For instance, my family and I were laid-off in 2009 and we had no choice, but to move. Now we are saddled with a home (in Florida) and we live in another state. Tried to sell, and to call to your attention..TRIED TO SELL, to no avail. I do not enjoy being a landlord, it stinks and I hate renting. So, you're telling me that I should not try to buy a home and not short sale on my other..Thanks to the libs, I wouldn't have been in this situation..Now, if you live down the block and are just trying to get a better deal, then I agree with most of the comments, But otherwise, I believe you have to know the situation first.
0 votes Thank Flag Link Mon Mar 12, 2012
When did it become popular to "invest" in the place you live. Homes to live in aren’t investments. They are places to live. If you add the cost to build the house, materials, and labor and depreciate the homes value at a yearly rate and tell me what It's worth. As the average Joe worker realizes the size of his family grows and more space is needed to accommodate that, he talks to a real estate broker. This broker is supposed to put him in a house that works best for the buyer. When a broker tells Joe that his $25k yearly salary affords him a $300k home on a 2.5% ARM loan from a bank, someone who doesn’t know any better accepts that. Especially when he's told that the rate is good for 5 years and at the rate the value of houses are increasing he can sell before the ARM is up. It looks good. Nice house, easy money in 3-5 years. Who wouldn’t take it? The only problem with this is, His $300k house is now only worth $185K, and he cant sell. The ARM has gone from 2.5% to 6% and his mortgage payment is too high for him to afford now. Where does he go? What does he do? He is stuck. Leaving his home under foreclosure, or short selling. He is stuck between a rock and a hard place. The banks are in the same position. It isn’t fair for either of them. People are being foreclosed on in record numbers. Neighborhoods are full of homes that are empty, driving down the value of other homes. People cant buy the foreclosed homes or short sale homes because they cant sell their home because they owe more than they are worth. The cycle continues. Who wins? What the answer? There isn’t one. For the brokers on this page slamming people who make strategic choices in their personal finances. Remember this, The consumer could have walked away without buying, the banks could have questioned the loan requests, and the brokers could have been a little more ethical in brokering these mortgages. Who wins though? It seems to me the brokers are the real winners. Home owners lose, and banks lose, but the brokers still get paid commission. We can point fingers, but everyone is to blame. Its unfortunate that banks are getting billions to help the mortgage situation, and the mortgage holders aren’t going to get any help. The plan: Take the billions given to the banks, reduce the amount of money people owe on the mortgages. No more short sales, or foreclosures. Tighten the mortgage process and really regulate these brokers. The culture of the entire process has to change. Major corporations have to release their strangle hold on profits and realize that money flows better to their bank accounts when it is spent by the people. Banks get money and they pad their bottom lines. People get money and they spend it. Spend it where? First off they pay their mortgages, Wal-marts of the world, New Cars, and in savings accounts. Saving money makes the banks money in the long run. Months of this increased spending and saving will heal the economy. And if this new culture is adopted in place of the old, it can heal the economy for the long term.
0 votes Thank Flag Link Tue Mar 6, 2012
Kudos to Jesse.

With that being said I will finance you with 20% down. Banks try and measure your good intentions by past history. My program just requires that you put your money where your mouth is. Check out my owner financed inventory on my web site.
0 votes Thank Flag Link Thu Jun 16, 2011
Understand that staying in an upside down home (mortgage) prevents you from moving forward. With reality and a bit of common sense, selling to get into another home that's within your means of living just makes sense. Imagine your neighbors that are moving in next to you are far ahead of you with a lower principal mortgage and interest rate. So if your the first owner or purchased and lived in the property within the last 5-10 years then your at a lost, by at least 25% or more. In fact the banks will not work to refinance/modify your loan even with good credit, not debts, and no late payment because your mortgage puts you at a high debt to income ratio. The bank already got paid so what do they care. You staying in that home gives them more leverage to get more money out of you in interest or someone else which is why they'd encourage you to short sale to make money off someone else. Does this make sense?
0 votes Thank Flag Link Sat Jun 11, 2011
Some of these answers are really rude, and like it was said, many of you do not know the whole story. Has anyone taken into consideration the following: if there are HOA and Townhouse dues to pay, this puts more stress on everything. At the time of purchasing I am sure the individual could afford everything. Given the economy, now maybe they can not. My townhouse is worth almost 50% less then what I bought it for 5 years ago and I still owe thousands and thousands more than what they are selling for now. I have to pay HOA and Townhouse dues, this adds up to almost 100.00 per month, and yet the Townhouse association has taken away our pools and tennis courts, thereby decreasing our value even more. Please consider all aspects when answering this. I am lucky that I still have a job, not as many hourse though. I have cut back all that I can and it is still very hard. Tried to fight the Townhouse association - no budging. HOA is trying to raise our dues, gas prices going up. People need to do what they need to so they can survive.
0 votes Thank Flag Link Thu Feb 10, 2011
I'm soooo bothered by all these responces! I too would like to know if I could purchase a new home after short selling mine!

Before people start making all these judgments maybe they should ask or know a little bit more about Rafi's stiuation. I purchased a home that had a ballon loan and the person i have to blame is the LOAN OFFICER and BANKS! I was a first time home buyer and they explainded to me that I would need to get out of the loan at a certain time. When it was time for me to refinance my home value dropped $50,000 so it was not easy to find a loan. I was soooo desperate that I took the only loan I was able to get that was almost 10%!!!

I took this loan to avoid the ballon and it was almost $400 more then my original. When my salary dropped 15,000 and having $600 heating bills for a town house things started to get tough!!!! I maxed out all my cards in order to pay everything on time. I tried calling my bank and filling out paperwork to get my intrest lowered and NO help!!!!

SO paying $2,400.00 after HOA fees for a town home that I paid $269,000 thats now selling for 125,000!!! The fact that i started to fall behind and 2 years of trying to get help from my mortgage and NOTHING no choice but to do a short sale becuase I couldnt even rent the property! I tired programs with NACA i took out a loan from my 401K to pay a lawyer and still NOTHING!

What do you have to say no people???
0 votes Thank Flag Link Thu Dec 9, 2010
Maybe Rafi could be getting a divorce/separation and would like to still own a home (maybe with a new partner...and is certainly responsible enough to) and just cannot live with the significant other anymore because that person is refusing to pay their end of mortgage and bills. I don't see that as "buy and bail". Every situation is different.
0 votes Thank Flag Link Mon Jul 5, 2010
Wow Rafi you certainly have a few comments to read through. Usually one is only qualified for a short sale if a hardship exists and normally the person in hardship is usually behind a few months on their mortgage. If you chose to buy a home prior to claiming that you are unable to afford the home then there is the conflict. The only way i see you could get another home is by way of lease option. I would think you would not be approved for the short sale if you could buy another home with financing.Just my opinion though. Good Luck
If you do need help with a short sale please feel free to email me at myrealtorkathryn@gmail.com

Kathryn Blackman
Sandals Realty
239-297-8936
0 votes Thank Flag Link Fri Jun 4, 2010
Which do you want to attempt first?
0 votes Thank Flag Link Tue Jul 7, 2009
Thanks,Lo! Thumbs up from me!
0 votes Thank Flag Link Thu Jul 2, 2009
Thumbs up to Jesse, great answer on this one!
0 votes Thank Flag Link Mon May 11, 2009
Rafi,

Everyone is right although I think we can all play nice. However, if you want to stay in your current home and try to sell it on a short sale you may be able to do that, especially if you ARE experience financial difficulty meeting the payments. I know that some lenders are allowing people to purchase a new home within a year after selling their previous on a short sale. That situation is the most likely scenario.

If affordability is a problem, a loan modification might be another option. Have you talked to anyone about that yet? There is free government help for that. Here's a link: http://www.hopenow.com/

I do hope that everything works out for you and if there's anything else I can help with please let me know.

Have a good evening.

Danielle Sharp
Broker Assoc
Vadala Realty

Direct 239.471.2102
Cell 248.207.4445
sharphomes@yahoo.com
0 votes Thank Flag Link Sun May 10, 2009
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