If you have a home that well is a trailer and you owe 25,000 on it, you need to sell right away since you have bought a home. You sign the papers on the new house in 10 days. If the first house doesn't sell and you walk away from it... will you lose the second house?
2006-07-05 10:21:27 · 4 answers · asked by M. C 2 in Business & Finance ➔ Renting & Real Estate
No money is neede for the new home. Though, the trailer does need to be paid of at the tune of 25,000. If you get fore-closed on the trailer, what will that do to the new home. Payments are being made still, but not sure how long it will last.
2006-07-05 11:49:39 · update #1
Kudos to CFL on his/her answer. He absolutely hit the nail on the nose.
Why don't you rent it out. With a debt of $25,000, the payment cannot be that much. Plus, you may be able to make a profit on the place.
To answer your question though...NO. The foreclosure on the previous property will not interfere with the new property at all unless you bridged the two parcels together. But i doubt highly that you did that since your previous property was a trailer and you said that you got a "mortgage" on the new property.
Of course, because of credit reasons, I would highly suggest that you take care of this issue somehow. Renting it out is definitely the way to go.
If you have any other questions, you can contact me at timothy.kazee@americanhm .com. Good luck!
2006-07-05 14:14:29 · answer #1 · answered by Kaz 3 · 1⤊ 0⤋
depends on what kind of a loan you have. did you tell your loan officer this problem when you started the paperwork? do you need money from the trailer sell to purchase the new home? i need more info?
2006-07-05 17:25:06 · answer #2 · answered by grateful6979 4 · 0⤊ 0⤋
If you qualified for the loan the bank thinks you can afford both. If you walk away from the first you will have a hard time financing things for a long time.
2006-07-05 17:25:42 · answer #3 · answered by Nelson_DeVon 7 · 0⤊ 0⤋
Why don't you consider renting the trailer and let the rental income make your payment on it?
2006-07-05 17:27:16 · answer #4 · answered by Fartblossom 4 · 0⤊ 0⤋