Asked by KP, 01970 • Mon Jul 7, 2008
short sell and hurt my credit. However, I may be about 20-25K in the red on my condo right now. Would a bank (similar to auto loans) allow you to roll the negative equity into a new home purchase - this woudl assume me or my broker could negotiate a favorable price for the house we'd buy and I would put down 10-15% of that price. I.e. I owe 265K on the condo, get 245K for it, then purchase a home for 500K (say it was listed at 525K or something) then add the 20K "loss" to the new mortage - 520,000 total and put down 10-15% of that price. Just trying to figure out creative ways to get out of my condo and into a house without using a good chunk of my down payment savings towards paying the negative equity on the condo I have.
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