Asked by Jim J, Glendale, WI • Sun May 27, 2012
We currenly have a condo that we have listed. We have had it listed for awhile and it now at a price point that is only about $7k more than what we owe. We just found a house that we really like and got an accepted offer with a home of sale contingency. We are worried that we could lose the house if we ca't sell our condo. We like the house so much that we are considering carrying two mortgages until our condo sells. We currently have a 15 yr mortgage on our condo. If we were able to refi that to a 30 yr or an ARM it could reduce our principal and interest in almost half which would help us keep our monthly overhead down. We can't rent according to our association so that idea is out the window. If our condo ends uo. Eing upside down, can we do a short sale on it. Would there be any repercussions if we bought the house first. Does anyone have any good advice for this situatiin? Thanks.
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