My house is upside down, can I short sale and buy another house now?

Asked by Vigalz11, New Hampshire Mon Mar 5, 2012

I need to upgrade to a larger house because my parents are going to live with us. And I already qualify for another mortgage, but the problem I don't want to have two payments of mortgage.
any suggestions???

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6
Scott Godzyk, Agent, Manchester, NH
Sat Mar 10, 2012
If you short sale your house first, you may not be able to get another mortgage. You would be better off renting your current house then completing a short sale. Have you got a recent appraisal or BPO on your current home? If you need help in selling a home in NH just send me an email, i can see if i can assist you.
Web Reference:  http://www.ScottSellsNH.com
0 votes
Scott McCaul…, Other Pro, Portsmouth, NH
Tue Mar 6, 2012
Short sales are looked at as foreclosures if you pay less than you owe. I've even seen situations where it was not technically listed as a foreclosure on the credit report, but the lender will piece it together as one. Good luck.

Regards,
Scott McCauley
Web Reference:  http://www.LendWithScott.com
0 votes
James Deskins, Agent, Worthington, OH
Mon Mar 5, 2012
Vig, if you are going to short-sell your home and leave your lender with a debt that is yours what would make you think another bank would loan you money?
0 votes
Laura Scaccia, Agent, Exeter, NH
Mon Mar 5, 2012
Hi,

If you sell your house for less than what you owe and have the money to make-up the shortfall, it is not a short sale (which occurs when you do not have any assets) and does not require the mortgage lender's approval, and therefore will not have a negative impact on your credit so you can purchase another house if you meet financing criteria.

If you do not have the difference in selling price vs. what you owe, you will need to talk with your lender.

If I can be of further assistance, please let me know. I've got experience with short sales and would be glad to help.

Thank you,
Laura Scaccia
0 votes
Lise Tremblay, Agent, Nashua, NH
Mon Mar 5, 2012
If you short sale your home It will take 24 months before you can get pre-approved again. It might make sense to rent it out if you can get enough.

Call me and I can discuss options if you would like.

Thank you Lise Tremblay
Prudential Verani

603 377-0771
0 votes
Jackie Bafus, , Walla Walla, WA
Mon Mar 5, 2012
Sell your first home. If you short sale, most banks view that as a foreclosure since you are not meeting the original obligations agree to when you signed your note. And if you short sale, most likely you would be qualified to get another loan for a period of years.

Hope this helps!

Jackie
0 votes
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