My husband and I own a condo and want to buy a single family home in the 300,000sThe problem is that we owe

Asked by Irma, Ontario, CA Thu Jul 17, 2008

220,000 on our loan and have accumulated credit debt of about 15,000. Do we consolidate our debt first or get pre approved for a new home loan? Also, is a short sale reccommended? Either way, our credit score will be negatively impacted so what do you reccommend? Home Buyer Irma

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Teresa Mejia, Agent, ONTARIO, CA
Mon May 20, 2013
Hello Irma, I have help numerous families to avoid foreclosure with shortsales. You might want to see if you can get a preapproval first and see if you qualify, if you dont you have a better idea of whether you should shortsale or work on the credit. As a real estate Professional I have had to get the values of properties for the banks, before deciding on what you want to do you should way your options, there are many factors that come in place when trying to buy a home while still owning one. if you are upside down on the property you now own, you might qualify for a new home loan, the bank have stopped lending to people that own property's that are upside down due the many were walking away from the property's the owned to move in to the new home.

If you would like to sit down and discuss your options my team and I would love to help you, I have a lender from Wells fargo Bank that will sit down with you and give you some options.

let me know, and have a great day.

Teresa Mejia
Intero Real Estate Services
HAFA Shortsale Certified
909-721-7679 Cell
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Roland Corral, Agent, RANCHO CUCAMONGA, CA
Tue Jun 22, 2010
Hi Irma,
I have a lot of experience in short sales and foreclosures. I've also been to many credit seminars with former employees of the credit reporting agencies. I know strategies to get your score up again quickly. You can still buy but there are different ways you can go about doing it.
I can tell you that I am a licensed and certified Real Estate Appraiser as well as a Licensed Realtor. If banks won't buy or sell investing their hundreds of thousands of dollars without the professional advice of an appraiser and if the Federal Housing Administration will only accept a "Certified" appraisers stamp of approval on a property. Why would you do any less? Please feel free to call me at my cell: 909-917-6176. My clients receive the benefit of my expertise as a Realtor as well as a "Certified" Real Estate Appraiser.
I also have access to much more data than most real estate professionals do because I must pay for it and use it for appraising. This allows my buyers to find properties many don't even know are for sale. My sellers also know they will get top dollar for their properties because I can see the value as an appraiser and what improvements will benefit them most.
In the end however, Your transaction will be about you and what's best for you. I've actually advised people against buying or selling regardless of my loss of commission because of my knowledge of the market. I figure what goes around comes around. I help people that haven't owned a home in the last 3 years get first time home buyer down payment assistance even though the commission is less and there is more work to do. I know that if I do a good job for my clients and can show them I care, they will always send the blessing back to me.
Feel free to call and pick my brain. :)
In the meantime, God Bless,
Roland Corral
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Bob McClure, Other Pro, Walled Lake, MI
Tue Mar 30, 2010
good evening...if you can carry the debt load of the credit card debt and qualify for the mortgage you want...then go get pre-approved for the new home..the cost-per-thousand on credit card debt is sometimes four to five times higher than the cost per-thousand of a typical 30 year mortgage credit card interest is not tax deductable...don't be fooled by the low interest credit card debt....the cost per-thousand is how to gauge the real cost...i have a credit card page on my website that further explains it....hope that helps.bob mcclure- first preferred mortgage- southfield, michigan....
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Leanne Finlay, Agent, Kirkland, WA
Tue Mar 30, 2010
Go get preapproved first, and see what a lender recommends. Perhaps you can refinance your current home as an owner occupant, and hang onto it for another year before you sell? There are some loan programs that allow short sales to refiance, but you have to occupy and plan to live in the home.

Might be best to do that, and wait a bit longer to make a final move.
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Oralia Delga…, Agent, Rancho Cucamonga, CA
Tue Mar 30, 2010
We do not have enough information to answer your question. We would also need to know the household income to debt, market value of your condo terms of loan, rents in your area to make sure it will cover our mortgage payment and association fees otherwise you will have negative rent--if you owe more than your condo is worth etc.....

If you need more information for facts about the market value of your condo and average rents, please contact us at : can assist you with this information to help you and your husband make a sound decision-- free of charge--we are right here in Ontario as well so we know the market in your area--or visit our website at : to get facts about shortsales--

We wish you the best!!! "Helping Homeowners since 1992"
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Keith Sorem, Agent, Glendale, CA
Thu Jul 17, 2008
this is a great situation. Make an appointment with a few REaltors in your area and get the facts then look at your options. WE don't have enough facts to offer good advice from this distance. If you need a referral I can help you.

You need someone that knows your situation, knows your propertykl, and knows the market. Don't rush. Get the facts, look at your options, then proceed.
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Tisza Major-…, Agent, Upland, CA
Thu Jul 17, 2008
Hi Irma,

Have you had anyone take a look at your situation to see what your condo's current value is? It might be possible to sell the home you own and purchase something else without going to such extreme measures.

As for the short sale question, the only way you might qualify for a short would be if you have suffered a hardship like the loss of a job or other income, illness, etc. You can't get a short sale just because you want to take advantage of the current buyer's market.

I would be happy to meet with you to take a closer look at your situation to see what solution might be the best for you and also to see the best way to try to help you to purchase a new home.

Please feel free to give me a call, or drop me an email via Trulia or my website at your convenience.

Take care and have a wonderful day!

Tisza Major-Posner, Realtor, IVPG (909) 837-8922
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Vicky Chrisn…, , 20176
Thu Jul 17, 2008
If your home is worth more than you owe, and you "want" to buy a single family home then you should stay where you are until you can get on top of your debt and pay off your loan when you sell.
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