Already have home lone @ 70k use as rental property credit score 665 can I take out another lone for 110k or should I do a short sale on the property

Asked by Lanettefaison, Southfield, MI Mon Jun 10, 2013

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Rudy McDowell, Mortgage Broker Or Lender, Bloomfield Hills, MI
Sun Jul 14, 2013
Hi, Lanette. Yes. So long as you can qualify with both payments.
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Curly Sue, , Texas
Tue Jun 11, 2013
The Lone Ranger may need a loan.
If you short sell you're looking at a 2-4 year wait before you can finance another LOAN.
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Dianna Lake, Agent, Plymouth, MI
Mon Jun 10, 2013
You should contact your current mortgage company and see if they will do a loan modification on your current mortgage. If you are eligible for HARP (you can also check with your current mortgage company to see if you are eligible), they may be able to refinance your home at a lower interest rate and would reduce your payment.

You should also talk with your tax advisor and/or attorney as well. If you are interested in doing a short sale, feel free to contact me at your convenience.

Dianna Lake
Keller Williams Realty
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