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Mortgage

 
 
Reply Thu 16 Jul, 2020 11:33 am
I have a underwater mortgage but looking for another property to live, how can I get a loan.
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Type: Question • Score: 0 • Views: 186 • Replies: 3
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PUNKEY
 
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Reply Thu 16 Jul, 2020 06:46 pm
@Jstrom123 ,
What do you mean by underwater mortgage? Are you behind in your payments for this mortgage?

If you are behind in your payments most likely the mortgage company (bank) has reported this to your credit report. You won’t get another mortgage if you are a slow payer or if you are behind in your current payments for your current mortgage.

If you mean you owe more than what you can sell your current home, and want to buy another home, that’s different. Your bank can help you figure out how to pay off your home and get another mortgage for the second home by assuming the debt.

roger
 
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Reply Thu 16 Jul, 2020 09:20 pm
@PUNKEY,
PUNKEY wrote:

If you mean you owe more than what you can sell your current home, and want to buy another home, that’s different. Your bank can help you figure out how to pay off your home and get another mortgage for the second home by assuming the debt.

That's it. More debt than equity. Not that I know the answer.
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knaivete
 
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Reply Thu 16 Jul, 2020 10:09 pm
@Jstrom123 ,
Quote:
... how can I get a loan.


If you are capable of servicing the debts then consult a mortgage broker.

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