Because our needs have changed, we want to sell our current house and purchase another one. The problem is, is that we owe more than it is worth. We aren't in any financial danger on our current loan, and our credit is excellent. Is there any loans or programs you can do to roll negative equity into a new house? Thanks!
2007-12-02 18:58:23 · 5 answers · asked by Tenenbaum 2 in Business & Finance ➔ Renting & Real Estate
There are several solutions that may work for you. A lot of key factors to consider
( besides excellent credit which is obviously a + ) are : How long have you owned the house that you are 'upside-down' on , how long has it been since you refinanced. Are there any liens on your house etc... However even if the answer to all of these questions are unfavorable and even if your credit was not great... there are still several solutions to consider. I am a professional real estate investor and would be happy to help. One of my areas of expertise are creative / private financing. Feel free to email me or give me a call ( 877 ) 397 - 5162 at your convenience. Confidentiality Guaranteed.
2007-12-02 19:24:22 · answer #1 · answered by Anonymous · 0⤊ 0⤋
One option is to do a short sale at some point if your lender will allow it, you will have specific reqs that they can discuss with you..ASK!
I haven't heard about rolling in neg. equity yet in mortgage loans, just in car loans, but a mortgage banker would know for sure.
When you short sale you may have tax implications so check first with an adviser, but from what I understand you can list/sell the home for lower than whats owed if the bank approves of the deal, I don't think they want you to show any proceeds. I also heard that the government may be working on a moratorium on taxing the difference between your loan amount and sales price..that would be the time to sell if it is coming up..check it out!
Tanya F. Realtor
www.oregonfirst.com/tanyafeliu
2007-12-02 19:26:05 · answer #2 · answered by tfeliu 1 · 0⤊ 1⤋
No, you can't do that. Banks are no longer offering any type of mortgage over 100% of the purchase price of the property involved. In order to clear the lien on your existing house, you are going to have to cough up cash when you sell.
The days of those free rides are over, at least for the time being.
Avoid the short sale nonsense offered above. If you engage in a short sale (if the lender agrees) your credit will be trashed, even if Congress decides to alleviate the tax penalties involved in a short sale.
2007-12-02 20:29:52 · answer #3 · answered by acermill 7 · 1⤊ 0⤋
I don't know but you sell one house and take your loss and then you buy another with what you have. . .Would you loan someone money that didn't have equity to back the loan up?
2007-12-02 20:01:37 · answer #4 · answered by towanda 7 · 0⤊ 0⤋
probable no longer. Your contemporary mortgagee will require the non-public loan be satisfied once you sell. whether they agreed, your new residing house might might desire to be priced $30K below marketplace just to conceal the deficiency and you will possibly choose a down fee on ideal of that. realtor.sailor
2016-10-18 23:03:06 · answer #5 · answered by gayston 4 · 0⤊ 0⤋