New Home Mortgage

Lost 35% on value of home. I need to buy new home (i got 3 kids and we dont fit n need better school system). Have been trying to sell now on and off for 3 years. IS there a bank that would finance what I lose on the home selling under orginal mortgage, and put that amount ontop of new mortgage...my wife and I have excellent credi.

1. You can NOT sell the home if it's worth less than what you owe without permission from your lender. Most lenders will not approve a short sale if you can afford the payments. They will investigate your finances thoroughly to make that determination.

2. Don't plan on purchasing a new home for at least 5-7 years since a short sale will have a large negative impact on your credit report.

2010-12-11 10:18:18 by dd70

homeloansfargo.com For more information, call or visit our experience brokers at: Flagship Financial Group 1621 South University Dr., Suite 225 ...

I hear there is a new refinance program to help home owners who have been making their mortgage payments.
If anyone has any knowledge and/or credible web sites to view, I would be so appreciative.
I am curious to know what the qualification criteria is and how to get things started.
Thanks!

Just curious but why do you think someone who is able to, and don't get me started on the newest reward for those irresponsibles, should rely on someone else to bail them out? My home has been paid for for years because I took out a 20 year loan and paid it off in 6 so who is going to come in and me and those like me money because our houses too have decreased in value. Okay I am stopping!

2010-10-10 09:30:43 by Glo

I want to sell my current home, but think I will get about $30 K under what I owe. Would I be able to take that amount, and roll it into the new mortgage on the loan of a new home?

No.

You could contact your mortgage lender and attempt to do a short sale, where they agree to accept less than what is owed, but this does damage your credit and is time consuming and a roll of the dice. Other than a short sale, you can wait the market out or bring cash to closing, you cannot carry over debt from one property to another.

2010-05-05 09:16:23 by Swag

Price: $19.95

I get prequalified leads for lenders, and I have been sticking with foreclosure loans, etc. for awhile but I have a BUNCH of clients who are interested in New Home Mortgage leads (many 1st time buyers) and I was wondering what the going rate is for a lead to a lender?
Lending affiliates would probably know more about this.
Thanks in advance.

Credit and mortgages can be a very difficult issue for many people. In fact, every situation is different and depends on many circumstances (not included in your question).

2009-07-13 17:38:05 by harlanauctions

My wife and I live in a home legally donated to us by family. We have ownership. Can we use this home as collateral for a mortgage loan on another home in another state? If so, how does that work?

Don't see why not. Each state has different rules and regulations regarding this particular matter.

2009-07-03 18:36:20 by transpyre13