Can I buy a second house if the current one is going into foreclosure?
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where do you live. you need to put you house up on the market and sell it fast. enough to pay your morgage before they forclose. this will save your credit. you can always get an fha loan. or is it one already. if it is contact them and they will work with you. and believe me houses do move fast this time of year so find an agent. they will tell you they can get all this money for the house but let them know it will forclose soon so just sell it as is with no warranties or repairs. some investor or desparate buyer will grab it and leave you in the clear. put all of your stuff in storage and move in with a family or friend for six months while you save your money for a down payment. there are options is what i am saying. make sure anyone interested in your home is preapproved so they don't waste your time. you can be somewhere else in 30 days if you put a good price on your home.
Of course...what a great plan!
You can't afford one...so buy a second! Why not just buy a whole block of houses!
sorry but no, credit companies have you red flagged in their system. if you have aforeclosed house, missed mortgage pqayments, bad credit, they will not lend to you. try renting until you build your credit back up again. good luck
I don't think so but give it a shot
Only on the Chinese pay plan. One lump sum.
If you aren't able to pay for one,do you really think banks are going to lend you more money for another house? haven't you watch the news? Many banks that were in the sub prime market are in bankruptcy due to people that was unable to pay their loans. You should realize that once you screw up with your mortgage payments, that is going to haunt your credit for as long as seven years. If you still have time, try to get in contact with a good Realtor and try to see if you can sell the house in a short sale. But you have to hurry, hurry, hurry. And start saving, 'cause I heard there will be no longer loans with 0 down.
I know exactly the reason why you though of that but...no. Nice Try.
Nobody will finance the second house.
Good luck
You sure can.the trick is finding someone dumb enough to finance such a loan.
They will most likely hit you with a huge interest fee and down payment. You will also have to demonstrate that you have super good, secure income and your finances are under control.
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