Home Buying in Trussville>Question Details

Desperatemom, Home Buyer in Birmingham, AL

how i can get out of my ALHFA loan.....?

Asked by Desperatemom, Birmingham, AL Mon May 4, 2009

i have ALHFA loan at my current house now i want to move to a bigger house but i cant sell my house,i want to rent it out but i cant do it base on the contract ,how can i get out to my loan so that i can use it as investment property and not as primary residence.

Help the community by answering this question:

Answers

1
Check with a local mortgage company and inquire about refinancing your ALHFA loan into an investment property loan. If you have enough equity in it and income to support the investment loan plus a new home loan, this might work out.

If you do not qualify for refinancing, your alternatives are to sell your present home at some price before making a purchase offer on another home, or walking away and defaulting on your current mortgage, which will result in foreclosure and pretty much destroy your credit. This will make it pretty much impossible to get another home mortgage to buy the larger home you want. Sometimes a foreclosure is unavoidable, but if you can make do with your current home until you get more paid off on the mortgage your credit will actually be stronger and you will be in a better position to upgrade to a larger home at some point in the future.

Best wishes in working things out!
0 votes Thank Flag Link Wed Jun 24, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer