Need Opinons - Loan Modification Forum

00blackout · 01-20-2009, 09:38 AM

Hello,

We purchased a home at the height of the market in 2006. Now we are upside by a 100k or more. We have been looking around and in our area you can purchase a house similar to ours for much much less. Does anyone know what the criteria is for purchasing a new home if you still have a current home? There is no way we would be able to sell our current home as we owe so much on it. Houses that sold for 500k originally have now been foreclosed on and sold for less than 300k. Any help or answers would be appreciated.

Moe Bedard · 01-20-2009, 02:44 PM

You would need to be able to qualify for the payment on both home when the debt to income ratios are done.

It would help that ratio if you were able to rent out the home that you are unable to sell.

Anthony24 · 03-09-2009, 05:02 PM

Let us know the outcome.... Thanks

Newman · 03-12-2009, 05:34 PM

Try talking to your bank, see if they are willing to agree to a short sale of the house, a LOT of banks are, you might be able to also.

01-20-2009, 09:38 AM	#1 (permalink)
00blackout Member Join Date: Sep 2008 Location: Apache Junction, AZ Posts: 19 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Need Opinons Hello, We purchased a home at the height of the market in 2006. Now we are upside by a 100k or more. We have been looking around and in our area you can purchase a house similar to ours for much much less. Does anyone know what the criteria is for purchasing a new home if you still have a current home? There is no way we would be able to sell our current home as we owe so much on it. Houses that sold for 500k originally have now been foreclosed on and sold for less than 300k. Any help or answers would be appreciated.

01-20-2009, 02:44 PM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Need Opinons You would need to be able to qualify for the payment on both home when the debt to income ratios are done. It would help that ratio if you were able to rent out the home that you are unable to sell. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

03-09-2009, 05:02 PM	#3 (permalink)
Anthony24 Member Join Date: Jan 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Need Opinons Let us know the outcome.... Thanks

03-12-2009, 05:34 PM	#4 (permalink)
Newman Senior Member Join Date: Jul 2008 Location: In a van, down by the river Posts: 97 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Need Opinons Try talking to your bank, see if they are willing to agree to a short sale of the house, a LOT of banks are, you might be able to also.

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