So my situation is that my husband took a job out of state and I will be relocating in 7 months. Renting our house is not an option! My fear is that I could not sell my house for what it is owed and thus a short-sale would be an option for me. Here is my question, while I am trying to sell my house here I will also try to buy house in the other state. So will buying a house in another state cancel out the option of short sale in the state I am currently living? Should I try to buy a house first in the other state before even trying to short sale my house here in Cali? Thanks!
2007-11-15 09:24:10 · 5 answers · asked by j_mallock 1 in Business & Finance ➔ Renting & Real Estate
An option for you? It's up to the lender who holds the mortgage. Usually, the house has to be in foreclosure first before they would even consider it. You need to talk to a realtor about your options as it sounds like there's something missing in your explanation.
2007-11-15 09:40:19 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Banks are now considering short sales even before your late on payments if you can prove your in trouble or will be soon. If you can afford your payments no matter where your job is on your first house they will not agree to a short sale. And why would they? People doing short sales today are in trouble not moving to a new job out of town so I would assume they would say no. And they will know because you have to fill out a financial package/give them last years tax return and you and your spouses last 2 pay check stubs just to be considered. Moving is no reason for them.
2007-11-20 01:12:10 · answer #2 · answered by gregory_usa83 4 · 0⤊ 0⤋
If you fail to honor your current mortgage agreement with your present house, you won't qualify for a mortgage when you move. A short sale is going to trash your credit score to the point that you simply won't get a mortgage.
You could buy a house in the new state before you do anything with the current house, but you will certainly have to have a very solid credit record, plus a hefty income to qualify for another mortgage while you still have the first one.
2007-11-15 10:05:26 · answer #3 · answered by acermill 7 · 0⤊ 1⤋
I have had a contract on a home for 3months. I have been patiently waiting on a bank approval. After 3 months, proof of closing funds and inspection report orderd, the bank now states that they have received a counter offer, and wants me to respond with another counter. Is this legal?
2014-08-06 09:35:40 · answer #4 · answered by janiya 1 · 1⤊ 0⤋
Please read up on short sales, you may be taxes on it at the end of the year. The other poster was correct, you must be in foreclosure first before the bank even consider it.
2007-11-15 10:08:38 · answer #5 · answered by Anonymous · 0⤊ 0⤋