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Our Michigan house is in a Land Trust, can we buy another house in Florida?

In the summer of 2010 my husband accepted an amazing job in Florida and we had just two months to get out of our Michigan home. Rather than short selling (we were underwater $25,000) or allowing it to go into foreclosure or being landlords we decided to sign our house into a three party land trust. The investor we are working with informed our mortgage company of the trust and took over the payments on the Michigan home. In other words everything on the Michigan home is taken care of and current.

Now in 2011 we are renting a home and my husband is very happy with his job. We are hoping to buy a house here in Florida in another year. At this point we will have two years of rental history and my husband will be employed at his current position for two years. We have excellent credit scores in the 800s.

My question is will a lender give us money for a mortgage if we have our Michigan home in a Land Trust?
 
  • May 05 2011 - US
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Answers (2)

The land trust should not prevent the purchase of your Florida home.  You will need to qualify on both mortgages unless you show rental income on your tax returns.

  • March 28 2013
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Profile picture for user406772
Hello allweathermom,
I am interested to see how things worked out for your other mortgage.  I am thinking of doing the same thing with a land trust.  can you email. me so we can talk.  I would love to get some info. 
krishomes@gmail.com
  • March 27 2013
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