Can I buy a foreclosed home while I own a first and second mortgage?
I know the market is not good for selling, but I am trying to obtain rid of my second mortgage, which is not too big, and get a better home at the same time.
Answers:
only if you qualify for two loans at one time - walk see a loan officer - thats free to find out and answer all your questions
none of us can answer this because we don't know your entire financial picture (only a loan officer can answer your give somebody the third degree completely)
You can if you qualify with adjectives payments. You will need a pre-approval letter to submit near your offer.
If you are selling your current residence prior to closing on the purchase of the alien home, both of your mortgages will have to be paid surrounded by full in order for you to convey clear and marketable title to your buyer.
The problem you will probably run contained by to is trying to get a bank to adopt a contingent offer (that is, contingent on the sale of your current residence). What you may consider as a drop back is whether or not you could rent your current residence to cover your mortgage payments if you had to. Of course, you may prefer to vend it outright, but coordinating the sale and the purchase may be difficult unless you find your buyer first and have an interested ended closing date which will allow you time to find a foreclosure you want to buy and get it lower than contract (good luck finding such a patient buyer).
Good luck with your mart and purchase! Source(s): 7 years mortgage lending experience.
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Answers:
only if you qualify for two loans at one time - walk see a loan officer - thats free to find out and answer all your questions
none of us can answer this because we don't know your entire financial picture (only a loan officer can answer your give somebody the third degree completely)
You can if you qualify with adjectives payments. You will need a pre-approval letter to submit near your offer.
If you are selling your current residence prior to closing on the purchase of the alien home, both of your mortgages will have to be paid surrounded by full in order for you to convey clear and marketable title to your buyer.
The problem you will probably run contained by to is trying to get a bank to adopt a contingent offer (that is, contingent on the sale of your current residence). What you may consider as a drop back is whether or not you could rent your current residence to cover your mortgage payments if you had to. Of course, you may prefer to vend it outright, but coordinating the sale and the purchase may be difficult unless you find your buyer first and have an interested ended closing date which will allow you time to find a foreclosure you want to buy and get it lower than contract (good luck finding such a patient buyer).
Good luck with your mart and purchase! Source(s): 7 years mortgage lending experience.
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