Most likely yes. Even if it is 25% of the purchase price the lender will want to know that you are able to pay it back. If you need any help in this area I can refer you to some excellent lenders. Feel free to contact me if you have any questions.
Licensed Real Estate Salesperson
Century 21 AA Realty
O: 631-226-5995 x206... more
A mortgage broker has more than one lender to chose from and can be extremely competitive on rate and costs, with disclosure requirements all costs are disclosed to you and there can be no origination cost changes from what you have been disclosed which means no nasty surprises!
You benefit from the broker's mind set of earning your business while competing with other brokers and major lending institutions with billions in advertising budgets.
If you need someone with experience in this field, my contact information is given below.
Sanjeev Ahuja, NMLS #148731
30 Years experience in the Financial Service Industry
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)... more
You are responsible for the home equity line. You can pay it off with cash or by getting cash from another loan, and then you shouldn't have any worries. If you can't do that, I am not sure if your husband will need your permission to do the short sale if you can't pay off the hm equity line - your divorce attorney can give you better guidance there. But, he can surely stop paying and allow the house to go to foreclosure without your approval... so you are better off working with him or paying off your debt that is on the house. I doubt you'll have success doing a loan mod since you don't live there. If the loans are fannie/freddie backed then it may be possible - check their web sites to find out. But, loan mods generally don't end well, they are a band aid. As for your credit... I have a pretty good post on that. (see link). Good luck!... more