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Asked by Rollinsmokebbq, Cannon Industrial Park, Sacramento, CA Sun Aug 16, 2009

I'm upside down on my current loan. I'm self employed and make 20k a year. My wife just got laid off.
We were told to file bankrupsy!
We are relocating to the Rancho Cordova area. I scored a 75k job there and my wife has several interviews in the area. We are loking at MLS90060220. Any Ideas??

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Carlotta Kidd, Home Buyer, Sacramento, CA
Fri May 23, 2014
If you don't qualify to do the purchase of the new RC home, I would recommend contacting COVE Financial [(877) 737-5069 / ] to see if they can help you. The COVE Mortgage Alternative Program (MAP) focus on people who due to foreclosure/bad credit/job changes are unable to buy. COVE buys the home you want to buy, you move into it and pay them rent until you can qualify with 5-6 yrs. You are required to finance it within that timeline.

Don't sell your current upside down home at this it out, you might be able to get close to/if not the full mortgage payment, and if possible keep paying any extra towards the principal that you possibly can.

Then in 2 yrs you can qualify for the purchase of the COVE home, your price stays at the price when you entered into the agreement with them (2014), and can sell your old home that hopefully house values will have improved and your added principal payment will have worked to get you upside-right. If all goes well you may have a some equity and/or can qualify without selling the old home so it can become your investment property to eventually start paying you.

I hope Cove Financial can be your a solution and this plan can help you out! Best of Luck!
0 votes
Barbara Van…, , Folsom, CA
Sun Aug 16, 2009
Dear Home Owner ~

Congratulations on the new job! There is no simple answer to your situation. Since you are upside down on your present home, you will not be able to qualify for another mortgage at this time. A lender will look at what you're doing as a "buy and bail". You need to get legal and tax advice so you can evaluate the conquences of disposing your present home. Once you have that figured out take a look at my blog entitle "Home Ownership After a Short Sale or Foreclosure".

FYI ... since you are changing employment you should know it takes a minimum of 2 years experience in the "same line of work" to qualify for a mortgage these days.

Good luck ...

0 votes
Jesse Sierra, Agent, Pomona, CA
Sun Aug 16, 2009
Hi Rollinsmoke

Talk to a real estate attorney, not a regular attorney (in law) there is a difference.
You will not be able to buy a home for about 5 years if you file bankruptcy.
If you cannot do a loan mod with your lender an option is doing a shortsale.
WIth a foreclosure or shortsale, you can possibly buy a home in about 3 years.

But if you are relocating and thinking of buying a house in Rancho Cordova is going to be kinda hard.
Your lender for the Rancho Cordova will ask for an appraisal of your present home. Your present home must have at least 32% equity (I'm not sure if this has changed, check with a lender).

Jes Sierra, B.Sc., Realtor®
0 votes
James Blaylo…, , 95762
Sun Aug 16, 2009
we need a little more info too help you out. Is your current home being listed as a short sale? How upside down are you? have you spoken to a mortgage broker too find out if you qualify for a new loan?
Are you still going to be self employed while you are working at this other job?
A few more answers will help.

James Blaylock
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0 votes
CCC, Home Owner, San Diego, CA
Sun Aug 16, 2009
Hi, Are you short selling your current home?
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