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| Mortgage Broker Forum It is time to open up a mortgage broker/ loan officer forum for mortgage industry professionals to join, vent, share and educate homeowners about home loans. There are a lot of "ethical" professionals who could give helpful information to the homeowners who visit Loan Safe and I encouage the honest and ethical mortgage professionals to please join and assist the community in any way you can. . Please no sales pitches or links. Pay it forward and it may pay off for your business. |
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09-08-2009, 07:08 PM
| #26 (permalink) |
| Senior Member  Join Date: Sep 2009
Posts: 153
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0   | Re: Buy and bail ? I can see your dilemma but it just won't work unless your income qualifies you for both mortgage payments, even if you have a contract on the old one. Besides, most short sales never make it to closing and drag on for months in the meantime so you'd likely lose out on whatever house you're trying to buy anyway. On top of that, many banks require you to be behind in your payments and/or have a hardship you can document before considering a short sale. The late payments would hurt your credit and ruin any chance for another mortgage right now. If you want out that badly, perhaps you could consider renting out the house and finding a rental in a neighorhood you'd rather live in. |
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