Diane is correct. You need to not rush into things. First off, if you are in conversations with your mortgage company about a loan modification, give it a little time. Many mortgage companies are working with clients to avoid foreclosures. The government is giving them incentives to do so and normally they lose money when foreclosing. In reagrds to a short sale, one needs a reason to be able to do a short sale ie, job loss, medical issues or something of that sort. You can't do a short sale just because you don't like your house. If you'd like, I could work up a CMA for you to see what your house could get on the market. You can buy a house while yours is on the market with a contingent offer. Contingent on your house selling. However in this financial climate, less and less people are accepting this type of contract, with houses being harder to sell. As far as spending money on marketing your home, you will be hard pressed to find another agent that spends more on marketing. I provide individual websites, virtual tours, voice pad advertising and ads on over 500 internet websites. To discuss your options further, feel free to contact me anytime.
Have a Great Evening!
YES I AM KIDDING.
Owning two homes for most people is one of the worst things they can do. Seldom does it have a good outcome as a person who is having a hard time paying for one home will have twice as hard of a time paying for two homes.
While banks may be slow to respond I think it is in your best interest to work things out with your lender PRIOR to buying another home.
U can buy anything u want , if u have cash or can get a loan 2 buy another piece of property. I would take care of 1 problem, before I got into another. U have 2 stop paying for at least 3 months before the lender will negotiate. See a real estate attorney.
come to the closing owing money: So, you have the money or are thinking to Short Sale it?
I believe that tobuy another home you need to have equity on the first one or a very large downpayment and as other said, you might need to qualify for both mortgages.
Contact a Home Mortgage Consultant regarding your financial situation.
Can you qualify for 2 mortgage payments? Today loan applications are different than they were a few years ago. This is really a question for a mortgage broker. If you have enough income to ,make 2 payments, you are one of the lucky ones.
I would take the simple route. Sell one and then buy another one. You will sleep better.
Under no circumstances should you enter a non-contingent contract on another house before your home is sold unless you can afford both mortgages.