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Answers (3)
- Sidney Kutchuk, "Temecula Short Sale"
- Contributions:80
No & Yes,
No not today,but if you short sale your current home,rent a nice home for 1 year you can then YES qualify to buy again.
That is my short answer. For more details [contact information removed by Zillow moderator]
No not today,but if you short sale your current home,rent a nice home for 1 year you can then YES qualify to buy again.
That is my short answer. For more details [contact information removed by Zillow moderator]
- KirVerWi
- Contributions:50
I'm not a loan originator, but I do work in the prequalification department of a mortgage lending bank. And I can say that in your situation, we wouldn't be able to work with you unfortunately. In our situation, a borrower is allowed a single payment over 30 days in a 12 month period, but applying for a modification is an instant disqualifier. I don't know if other lenders would react differently.
- Rita A. Walker, "Rita Walker"
- Contributions:277
If you are delinquent on your loan, how are you going to be able to make payments on another home. The first loan is not going to disappear just because you walk away.
Find a good Realtor in your area that has experience in short sales. Short sale your home!!! Then rent until you can get your credit repaired.
It is amazing how many are able to buy again within a short period of time if they work with lenders instead of doing nothing.
Walking away from your mortgage is never a good idea and can result in a judgement against you for the full amount owed, plus attorney fees, and whatever other fees were tacked on for you not making your payments. You may just find yourself in a situation of salary garnishment till the debt is paid.
Lenders do not look favorably on those that think they can just look the other way.
Find a good Realtor in your area that has experience in short sales. Short sale your home!!! Then rent until you can get your credit repaired.
It is amazing how many are able to buy again within a short period of time if they work with lenders instead of doing nothing.
Walking away from your mortgage is never a good idea and can result in a judgement against you for the full amount owed, plus attorney fees, and whatever other fees were tacked on for you not making your payments. You may just find yourself in a situation of salary garnishment till the debt is paid.
Lenders do not look favorably on those that think they can just look the other way.
I'm deliquent and I'm in negotitions with my lender for a loan modifacation.
Can I walk from my current lender/home and purchase another home that's closely representing the market value? Can I qualify for a loan if I'm in this situation?
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