Profile picture for brodie09

If I can sell my current home, can I role loss into a new mortgage?

My current house is worth 15K less than what I owe, if I can sell can I take that 15K loss and role into a new mortgage if new house has the equaity to do so?
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March 23 2009 - Clinton Township
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Answers (1)

Profile picture for sunnyview
I don't think so. I think you have to settle up at the close of the first house. You cannot close the first house without paying what is owed. Most banks would not agree to let you put that old debt on a new mortgage in escrow even if you could arrange a simultaneous close of the two houses and get a high appraisal. I think it would increase their risk too much.
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March 23 2009
 
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