I have three mortgages under my name. I let one of the properties go into foreclosure.?
My payments on the remaining two mortgages (1 house and 1 coop) are on time evey month. I also have a car payment that has never been late and I have paid down my credit cards to almost zero balances (my limits have been cut down by the banks as well). I would like to upgrade from my 1 bedroom (primary residence) coop to a 2 (3) bedroom. My question is, would I be able to get a loan for this upgrade? What possibilities are there for me? Your answers are greatly appreciated. Thanks in advance, Ed.
OK .. answers are a bit harsh but it’s my fault for not posting details. The home that went into foreclosure was a home I had bought for my son and his mother (never married) to live in. I was covering all the expenses for the home but I never lived in it. She decided she wanted cash instead and sued me for child support (which she got). Support was the same amount I was paying in mortgage so I could not longer make the house payment. At the same time, the market went down the crapper so the home was actually worth about half of what was owed on the mortgage. Tried working with lender but unless I was actually unemployed and could prove it they would not work with me on re-working the loan. Tried doing short-sale and deed-in-lieu but neither worked because the X would not cooperate with the realtor trying to do showings and she challenged me to evict her. The other house under my name is my parent’s home which I refinanced for them under my name since their business went under