Home Buying in Largo>Question Details

Hollis, Home Buyer in Largo, FL

i want to get a different home, but i have to sell my home in largo first or can the bank take my home to cancel out the mortgage?

Asked by Hollis, Largo, FL Fri Jun 29, 2012

Help the community by answering this question:


Hi Hollis. Have you had a professional comparative market analysis of your home or a recent appraisal?
The market has improved somewhat and you may have more equity than you think. If you do owe more than your house is worth, and you are unable, or unwilling, to qualify for re-structuring of the mortgage through one of several programs available today, you might want to consider selling the home for less than what is owed, contingent upon your lender's approval of a "short sale". It is possible to complete a successful short sale even if you are not behind on your mortgage. If this is accomplished, you may qualify for another loan if your credit is otherwise intact. I would be happy to discuss various options.
Call me on my cell at 727-541-3743 for a free comparative market analysis.
0 votes Thank Flag Link Sat Jun 30, 2012
As a professional it would be problematic to offer advice that would include violating a contract or law.
You should be aware there are options available to you that would allow you to acheive your goal.
There are consequences for the action taken just as there will be if you do nothing.

Give me a call and we can chat about what is most likely to provide the outcome you are needing.
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041 - http://www.FloridaRealEstateMadeEASY.com
0 votes Thank Flag Link Sat Jun 30, 2012

Banks/Lenders are not going to take your home back so that you can buy another. When a bank is taking a home back it is through the foreclosure process in which case you would not be eligible to buy another home for awhile due to a major credit hit from the foreclosure. Are you upside down in your current house (meaning your mortgage is higher than the market value of the house). If so you may need to look at refinancing- there are some new programs out there to try and help or determine whether or not you would qualify for a short sale. Talk with a professional Realtor to get some direction. If you are not upside down, they can do a market analysis of your home to get a realistic price opinion for where your home should sell. While your home is on the market you can start looking around and once you are under contract consider putting in an offer on something you like.

I feel an informed client makes the best decisions regarding their real estate needs. Let me know if I can be of assistance.


Pam Cohn
Broker Associate, GRI, SFR, NHS
Real Estate Consulting, Marketing & Sales
Prudential Tropical Realty
2539 Countryside Blvd #3 Clearwater, FL 33761
TEXT "PAMELA" TO 727-213-5142
0 votes Thank Flag Link Fri Jun 29, 2012
Hollis, In order to purchase a new home, unless you are paying cash for it, you will need a loan. In order to get a loan you will need to qualify credit wise. If you give back your home either through a foreclosure, deed in lieu of foreclosure or a short sale, there will be implications on your crediti score which could prevent you from buying a new home. I would recommend that you contact a reputable mortgage broker and a realtor as well as get legal advice to see what the best way would be for you to sell your home and get into a new home that would suit your needs. Karen Donovan, Donovan Home Sales, Largo FL http://www.DonovanHomes.com
0 votes Thank Flag Link Fri Jun 29, 2012
Sure - it's called foreclosure or deed in lieu. Either one will most likely prevent you from financing a new home purchase though.
0 votes Thank Flag Link Fri Jun 29, 2012
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