Is it possible for a house with negative equity, and deployment of selling than buying a new home mortgage?

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I want to sell my house now, but think I’ll have about $ 30K under what I get. Would I be able to take this amount and roll into the new mortgage loan on a new home?

3 Comments
  1. Reply
    realtor.sailor
    May 3, 2011 at 4:17 am

    Probably not. Your present mortgagee will require the mortgage be satisfied when you sell. Even if they agreed, your new home would have to be priced $ 30K under market just to cover the deficiency and you would need a down payment on top of that.

    realtor.sailor

  2. Reply
    GVD
    May 3, 2011 at 4:36 am

    No.

    You could contact your mortgage lender and attempt to do a short sale, where they agree to accept less than what is owed, but this does damage your credit and is time consuming and a roll of the dice. Other than a short sale, you can wait the market out or bring cash to closing, you cannot carry over debt from one property to another.

  3. Reply
    Tigg
    May 3, 2011 at 5:12 am

    No you cannot sell your home without paying the mortgage in full
    A new lender will not give you a mortgage for more then 80% of the purchase price.

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