jeanieboo2 asked:
I have tried to sell my current home, because I can’t do the maintenance on it by myself. Looking to buy a low maintenance home, but the two realtors I have gone through haven’t been much help at all! I need to sell ASAP! In the past I have refinanced with one lender to pay off my current mortgage and got a new mortgage ( but on the same home). Can this be done now?! Refinance the current mortgage and pay it off, and start the new mortgage on a different home?! I need help!! I seems like everyone else around me is getting their home sold, and I can’t seem to get mine sold! Help someone! Either information about refinance or someway to get my home sold. I even looked to ebay to get my home sold!! Thanks
ROB
I have tried to sell my current home, because I can’t do the maintenance on it by myself. Looking to buy a low maintenance home, but the two realtors I have gone through haven’t been much help at all! I need to sell ASAP! In the past I have refinanced with one lender to pay off my current mortgage and got a new mortgage ( but on the same home). Can this be done now?! Refinance the current mortgage and pay it off, and start the new mortgage on a different home?! I need help!! I seems like everyone else around me is getting their home sold, and I can’t seem to get mine sold! Help someone! Either information about refinance or someway to get my home sold. I even looked to ebay to get my home sold!! Thanks
ROB
JOSHUA
If I understand you properly, you wish to refinance a larger amount, and use the excess cash as a downpayment on a new home? That sounds risky to me.
If the original home fails to sell, you will be left paying two mortgages. Can you afford to do that? If you can, how long will it be before you start losing ground on your payments?
Where is the home? I can help you find the right agent to get it sold Send me an email so we can discuss your options.
Comment by DannoREA — December 16, 2008 @ 2:01 am
CARL
From what you are saying this is what Im getting.
You want to refinance your current home and pull cash out to buy another home that you then will occupy. And you mentioned you have done it before. Its fraud. Its a Felony that is up to 5 years in jail and a 1 million dollar fine. (if I read it right)
Unless you state on your application that you intend you occupy your property you are refinancing as your current residence. But you dont. Otherwise you will have to refinance it as an investment property.
Im not sure what company has even considered doing this in the past… oh wait they ones that put all those borrowers into our current mess.
If I was a loan officer I wouldnt touch that loan with a 10 foot pole. Its criminal and against the law the way you described it. But im sure there are 1000′s of loan officers that will tell you to lie and commit loan fraud. Im just not one of them.
Good Luck
Comment by financing_loans — December 16, 2008 @ 6:06 am
DOMINIQUE
Unless you owe very little on your current mortgage you probably wouldn’t be able to get enough money out of the refinance to cover paying off your current mortgage plus a down payment on a new home. Additionally you’d have to qualify with the new lender to be able to pay the mortgage on both properties. Last note, most lenders won’t refinance a property that’s been on the market within 60-90 days. Wait for the first house to go under contract and then look for a new house. if you have a lot of equity in the home just continuously lower the price, eventually someone will buy.
Comment by lepr0kan — December 19, 2008 @ 7:38 am
LEON
no you can’t do that – you have to actually sell the house, wuth which the proceeds from the sales will pay off th eold mortgage – any left over money is down payment towards the new house and you get a new mortgage – that’s the only way it works – the market is bad now – maybe those people lowered their price (could afford to) – if you don’t have much equity, then your are stuck there
Comment by Doctor Deth — December 21, 2008 @ 1:44 am