Possible move due to Job- Short Sale options?

JaguarRD
Contributions:2

Hello,

I currently live in FL and have never had any late payments on my mortgage, with an excellent credit score. I may need to move to NC / SC area due to a job promotion and am wondering what my options would be for new housing.

I am currently underwater by about $40K and have about $40K in cash assets, hopefully for a down payment on another house. I'd clearly like to be able to purchase a new home in NC / SC, but am worried about the implications of holding two mortgages at the same time (technically could afford it but not long-term), and the implications of short sale due to hardship and what Wells Fargo may pursue in such a short sale.

Does anyone have any experience with this kind of situation and have any practical advice? I do not want to hold the FL property as a rental property as it's very hit or miss- would a lender allow me to short sale in FL while simultaneously attempting a 2nd purchase? Would it be possible to hold two houses, attempt to rent, and if I get lucky rent/sell the FL house, or if not short sale it?

Thanks for the advice!

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February 09 - US

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Replies (3)

wetdawgs
Contributions:26850

If you are getting a promotion within the same company, have you discussed housing options for moving as part of the promotion package? Recently I've heard of a number of major employers making up the difference for what would have otherwise been short sales.

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February 09

Gary May, "RealtorTampaBay"
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This is a very common scenerio (needing to relocate for various reasons). One option to consider: If possible rent your FL home, then once you have the qualified income from the rental to show your lender...buy the home you want in NC/SC. Work with a property manager to manage the FL home and tenants. This will help you buy some time. It's important to make you new home purchase while your credit and assest to debt ratios are mortgage lender favorable.

If you really don't want to hold the FL property as a rental. If your asset/credit ratios are lender friendly....Buy the NC/SC home asap and then short sale the FL home. It sounds like you have a very good job, you can rebuild your credit.

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February 09

JaguarRD
Contributions:2

Thanks for the advice...from a completely uneducated real estate viewpoint, is there a possibility this could be looked at as mortgage fraud ("buy and bail") or does the hardship negate this?

The property manager idea is one option- however there is a firm that has been buying short sale and foreclosure houses in the neighborhood so a quick short sale (relatively, I know) would be preferable if it's an option.