I am a little upside down in my mortgage and really need to get into a bigger home due to growing family. My thoughts are that my only option is to short sell? My credit is already bruised . How would I go about doing a short sale and getting into a new home? Is it possible? I will loose a ton of money on current home but hope to get back to even on next home? Any sugestions? -
- Brock Registered Buyer
The challange you have is that you cannot obtain a mortgage for 2-3 years after a short sale, except in extreme relocation situations. Even with 20% down you would have to wait 24 months from the short sale. FHA, with a 3.5% down payment, has a 36 month waiting period. What you would want to do is purchase your new home before you make any decisions with your current home, maybe you could consider renting it out. Hope this helps
Lyvonne  Lees
Area Manager
NMLS#364735
First National Bank of Layton
Desk: 616-949-3338
Mobile: 616-901-7331
 
 
Category - Home Selling

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