Looking for the best direction to go in, Sell or Rent to own... While attaining a new mortgage on a new property.

Asked by andrea, Waymart, PA Thu Jan 10, 2013

We live in PA, our mortgage is in the ballpark of 178,000. I am looking to purchase another house, while trying to either sell this one or do a rent to own. Online i am reading that the est value of our house is $126,800. Family is growing and need more room, Any help will be Greatly appreciated!!! Is it possible to have 2 mortgages rolled into one with a reasonable payment? If this is done, house is the house that is sold removed from the mortgage?

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3
Gene Clements, Agent, Lynn, MA
Tue Jul 9, 2013
It all depends on the rest of your finances, If you have enough cash you could sell your home and pay the difference. Assuming this is not the case and you want a bigger place you should talk to an attorney about doing a short sale if you want to keep your home consider a loan modification. Best of Luck,
Gene Clements
978-998-9600
1 vote
Russ Ravary, Agent, Commerce Township, MI
Sun Mar 10, 2013
No you can't do two mortgage rolled into one right away. It looks like you are saying you are upside down. Talk to a local realtor to get a true value of your house and talk to a mortgage lender to determine your course of action.
0 votes
Travis Jacks…, Agent, Campbell, CA
Fri Jan 11, 2013
So your current house is worth 126k and you owe 178k?
0 votes
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