If I’m buying another home in a different state can I refinance or use my homes equity to buy the other home?
I have a 2 family home in Massachusetts. The value is 246,700.00. I owe only 139,000.00. Can i refinance and use equity to buy another home in Florida. I plan on moving to Florida eventually and would like to use the money for a downpayment.
I plan on keeping the 2 family and renting it out to pay for the mortgage once I leave but my fear is that I am going to end up losing due to nonpaying tenants. What if I can’t afford my old home. Can i lose both homes, or will I have to sell my 2 family home and hope that the selling price will cover the amount i owe on the loan.
Will bankruptcy effect my new home in Florida? I am looking at worse case scenario here. My 2 family can be a money maker when the economy gets back on track.