I have just been told that I have a muscle disease in addition to other medical problems I have, we have had our house on the market for almost 2 years altough we have had offers and a couple of contracts nothing has worked out for us. We really want to sell our house so we can move back home and buy another house closer to our children. I pray every day that someone will just buy the house so we can move on.
Is there anyway to get a loan that will cover the exsiting home loan in addition to a new loan in another state?
2006-10-21 11:04:13 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
You can get it refinanced, but don't do that unless you have a high interest rate and can lower it plus get money out at the same time. Otherwise, get a second mortgage, enough only to cover 20% down on your new property. This way, you will get a good rate on the new one. Make sure that both mortgages on the current house would be covered under rent if you need to rent it out, or at least come close. If you take a small bath each month on the rent, the tax benefits will probably take care of it at the end of the year. Don't rent it for more than 3 years or you will have tax consequences when you sell. Can you handle the payments on both mortgages plus the new one? Think about all of this, please, before you decide to put it back on the market or rent it. Also, you have to take it off the market for the re-fi phase. It probably is a good idea, anyway. This way, it will look like a brand new listing when you are done! You must be in a rural area. Everyone assumes it is overpriced, and it probabl is, but some places just don't have enough jobs to support home sales. Other places are too hot or too cold, etc. Unfortunately, this also makes for a not-so-hot rental market.
Good luck to you.
2006-10-21 15:18:12 · answer #1 · answered by Anonymous · 0⤊ 0⤋
What part of the country is your current home in? 2 years is a very long time for a house to be on the market, especially when the market has been so hot during that time. Have you priced yourself out? The reason I ask where you are located is because I have a friend who is starting to think about buying, but I need to know where your home is. She is in Vegas. Good luck to you.
2006-10-21 11:18:09 · answer #2 · answered by arthurbel33 4 · 0⤊ 0⤋
If it's been on the market that long, then your house is WAY overpriced for what and where it is. Consider re-doing the house to bring it up to the standards of the area, or lowering your asking price drastically.
2006-10-21 11:13:06 · answer #3 · answered by Manny 6 · 0⤊ 0⤋
Cindy. You need to realize that when you bought that house, you committed yourself to it. You had the options to rent an apartment and you chose to buy. You could have just walked away from the apartment, but now you are stuck. Think ahead next time. If your health isnt that good, for Sweet Baby Jesus and the Orphans sake, rent so you are not stuck in this situation if you have to move again. I will pray for you.
2006-10-21 11:09:05 · answer #4 · answered by Anonymous · 0⤊ 1⤋
It depends on your mortgage company, but yes you can get a bridge loan, however you will really need to accept the next offer on your house.
2006-10-21 11:12:50 · answer #5 · answered by sjj571 4 · 1⤊ 0⤋