is there a way to buy a new house and then foreclose on my current house and still keep the one i bought?

Question

moving to a different state, my current house has not sold in 4 months, is there a way to finance another house, and then foreclose on my house that i currently own? without losing my new house

Answer 1

In theory you could, but you'd trash your credit by doing so. Also, you'll need to be able to afford both houses, at least for a short time, which means if you were planning on the cash from the sale of your first home to help pay for the second, it won't work.

Have you considered renting out the house you want to sell? That might make it easier to qualify for a new one because your income would be increased by the rent payments and make it so that your current employment income alone wouldn't be needed to qualify for the new mortgage.

Answer 2

There is a section on the Uniform Residential Loan Application you will fill out to secure another loan for your future mortgage. It asks you if you have ever lost a home to foreclosure.

By posting your question, you are publicly contemplating a fairly reckless course of action that should be avoided. Furthermore, mortgage fraud is on the rise and it carries a pretty stiff penalty. I hope you are able to find a better solution that the one you are proposing.

Best of luck.

Answer 3

If your house goes into foreclosure the bank will just take that home. Your other home will not be affected. However, when you go to apply for a mortgage on your new place, your old mortgage will show as a debt. So that will effect the new loan you're trying to get.

If your home is in Southern California, let me know and I can help.

Regards

Answer 4

Get a bridge loan on your old place.

Answer 5

Why would you want to ruin your credit like that????