Home Selling in Bethlehem>Question Details

dhorton707, Home Buyer in Bethlehem, PA

we are seeking to buy another home due to increase in family size we currently own present home which we will put up for sale if we move

Asked by dhorton707, Bethlehem, PA Tue Sep 17, 2013

into the new home and this home is sold less than we own and do a short sale would it effect any liens on new property? help

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Answers

8
Hello dhorton707,

If you sell the house short PRIOR to buying a new home you will not get a mortgage on the new home.
If you sell the house after you buy a new home they CANNOT put a lien on your new house.

If you are currently in default on your current home you will not get a mortgager

Also you will need to show sufficient income to carry both mortgage payments taxes and insurance plus your other debtsYou cannot include rental income on the home you are currently living in without having 25% equity in it. That is for both FHA and conventional mortgages.

Maybe you should give me a call to discuss.

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
1 vote Thank Flag Link Tue Sep 17, 2013
If I buy a home prior and qualified holding two mortgages but when I sell my first home and if I owe $160k (bought at market high) and now due to values deceasing I believe we can sell home for approx. $160-$165k but then we have 5% realtor fees is it wiser to do a short sale and have bank pay realtor fees? a realtor told us on a short sale the bank pays them I am confused
Flag Tue Oct 15, 2013
Hi,

It will be really helpful to shop around for a mortgage broker that can explore your financing status and give you a pre approval letter for the amount that you can easily afford. Generally speaking, after you short sale your primary residence, you will have to wait three years before you can be able to buy another property.

Best of Luck,

Maria Cipollone

http://www.Flahomespecialist.com
1 vote Thank Flag Link Tue Sep 17, 2013
Thanks guess no one that pays everything on time has no breaks cause of the market values we are must suffer one can not advance you were very helpful will look into things have a great day
Flag Tue Sep 17, 2013
The short sale process can be frustrating if not handled properly. Feel free to call me to
discuss your options.
0 votes Thank Flag Link Tue Sep 17, 2013
That's quite a complex situation, not easily answered on a forum like this. Would be happy to over your options with you on a personal level.
Gerry Clinchy
Re/Max Real Estate - Bethlehem Office
Office: 610-691-6100
email: G.Clinchy@gmail.com
0 votes Thank Flag Link Tue Sep 17, 2013
Having a great track record doing short sales and also can gladly help you sell your home and find you another that can fit your needs, We can sit down and do a plan to get you to your next goal.
0 votes Thank Flag Link Tue Sep 17, 2013
You need quality advice to make good decision. We have a company within our our company that specializes in these types of situation. THERE ARE SOLUTIONS. Please feel free to contact me to discuss this further and help you determine the best course of action.

Thank you
Scott Tomlinson
Associate Broker, ABR, SRES
Keller Williams Real Estate
610-392-1402
0 votes Thank Flag Link Tue Sep 17, 2013
Good Day,

I would be happy to assist you in any further questions you may have. I am SFR (short sale foreclosure resource) certified and have experience with sellers in short sale situations. Call me directly at 610-317-1465, I look forward to speaking with you.

Take Care
0 votes Thank Flag Link Tue Sep 17, 2013
Give me a call I will be happy to discuss this with you. Anthony Ramos. Century 21 Ramos Realty 610-866-4423.
0 votes Thank Flag Link Tue Sep 17, 2013
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