The best plan is to buy another home now that your finances are in good shape and rent the existing home. You may have some negative cash flow for a while but sooner or later it will work out because rents are rising and the loan is self amorzing. The loan on the new home probably will not allow rental income for qualifying purposes until it is "seasoned", usually a year. That may limit the size of the new loan. I have a good loan officer who can help you figure this out without any obligation. Call me if you have questions.
Advance Realty Timonium
What is the bank that the property is being serviced by?
The reasons for hardship are INCOME REDUCTION, UNEMPLOYMENT, DIVORCE, MEDIAL, SELF-EMPLOYED (from Bank of America). If I am hearing you correctly, you only have enough money IF you were permitted to count the rental income for the exiting property. Most banks require you to have a rental history in order to count this income.
From the information you are providing, you may qualify for the Harp II loan. I would be happy to discuss your options with you and how I have been able to help others in your situation without committing loan fraud. I can be reached on my cell phone 202 573-6035.
Also, check out my blog.
If you have not already been approved by a lender, I would be happy to run numbers for you to let you know how much you can qualify for.
Feel free to call, write or text if you have any questions!
The first step in the home buying process is to get pre-approved for your mortgage. You can start this by going to my online link. Click here and enter your information so I can run numbers for you: https://6760686183.secure-loancenter.com/WebApp/Start.aspx?& .
After you hit SUBMIT, I will be able to access your information through our secure website and will run figures for you right away.
This does not obligate you to use Fairway Independent Mortgage Corporation, although we do appreciate the opportunity to work with you.
I am looking forward to working with you and helping you get the keys to your new home!
Senior Mortgage Loan Officer
Fairway Independent Mortgage Corporation
Cell 202 573-6035
Over 25 years of Real Estate and Mortgage experience
focused on educating my clients so you can make an informed decision that best suits your needs!
MLO# 194172 FIMC NMLS# 2289
no, it is not considered a hardship......so a short sale is most likely not even an option for you
Truthfully, you are lucky in that your financial situation, from what you have shared, has not changed.....only your need to more space has changed...............you're lucky you can make your payments and are not suffering a financial hardship
1. sell your home and come to the table with the 25,000'ish you need to pay off the loan and make yourself whole - then rent for the time being if you can't buy right away
2. rent out the house and rent elsewhere until you can afford to sell the first house and buy a new one
3. subdivide one of the rooms in your townhome to create a new bedroom if it is possible.....or do whatever you have to do to make it work for the time being
Many of the people who have lost their homes in the last few years, ended up homeless or depending upon Government help.
The HARDSHIPs that they faced were loss of Job, Medical Bills, Death in the family, etc.
NOT ENOUGH ROOM does not evoke much sympathy; particularly with Lenders.
We have seen, and continue to see, homeowners who can afford their Mortgages, but are simply Upside-Down and don't want to pay on a dead horse.
You basically have two choices:
You can weather the storm, and keep your townhouse: Buy some bunk beds and buck-up.
Or you can Shortsale the place, ruin your credit, and rent for two years, (at least).
I have seen too much of it; I wouldn't wish the latter or anybody!
Good luck and may God bless
You should read this first. Buy and bail is the name for what you want to do. it is a form of loan fraud. I know it's not what you want to hear but it is the truth. Now could you find a lender who would allow this? Not knowingly. But would they turn a blind eye to it? It's a big lending world and things happen every day that shouldn't. but most banks and lenders are going to deny the loan if they even suspect buy and bail. Have you tried to refinance your loan to save money? You can't use the rent either unless you have 30% equity. I know you are stuck and I would speak to your elected officials on both the state and federal level. If they didn't have the equity requirement you could make a case with a lease and security deposit. Those rules have been in effect for years but it didn't always used to be that way and any changes done could be undone. You aren't alone in your situation so don't accept it without a fight but don't commit loan fraud also. I hope this was helpful.
Senior Loan Officer
1ST Mariner Mortgage
Lending in all 50 states