can i take a loss from my current mortgage and add it to a new mortgage? I would like to buy a bigger house
now that i make more money.. problem is owe more than this house is worth.. is it possible to add balance to a new mortgage?
Answers (1)
FIRST ANSWER
I can't see how. when you sell your current home,you must pay off the amount of your outstanding mortgage. you will not qualify for a short sale unless you can demonstrate hardship. Wanting to buy a bigger home is not a hardship.if you did do a short sale you would have to wait 2 years befire you could purchase a new home. i suggest you consult a tax expert to see if you could take a tax loss on the sale of your home.
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Answered Tue Mar 10 2009, 15:49 by Gregory C Robinson in 08530
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