im presently getting ready to do a modification can i sell present home and purchase another one if im behind in payments reason for the mod or sell

Asked by Dawn, Avon, IN Sun Aug 7, 2011

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Shannon Thom…, Agent, Avon, IN
Sun Aug 7, 2011
Hi Dawn,
You really need to talk to a Realtor. I am a Realtor here in Avon and would like to ask several questions. How far behind on your payments are you? What lender is your mortgage with? Is it an FHA Loan or what kind of loan is it?
Theres never an obligation but will be happy to help anyway I can.
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Dawn, Home Buyer, Avon, IN
Sun Aug 7, 2011
thanks shanon can you get with me so i can answer your questions
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Sally Grenier, Agent, Boulder, CO
Sun Aug 7, 2011
You can try to sell your home via a short sale (provided you can prove financial hardship -- which most people can do these days). A short sale is when you owe more on the house than what you can sell it for. The bank needs to approve the sale, and agree to forgive the difference. It is a long and complicated process, but it is possible. But unfortunately, you won't be able to buy anything for 3 years. I would try for the loan mod.
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