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10-08-2009, 06:00 AM #1
Renter
- Join Date
- Oct 2009
- Posts
- 1
Between Two Homes, Please help!
Greetings, here's my dilema.
Me and my wife are currently under contract for a new home that's under foreclosure but have hit a major roadblock in selling our current townhouse which is only under my wife's name. We just found out that the buyer for our current house had their loan application denied and that our house was being put back on the market. Our new house closes on the 15th and our old house was suppossed to close on the 1st. This info was passed onto our lendor because we thought this was a done deal. We were suppossed to provide our lendor with a copy of a signed HUD but can no longer do so because of this unfortunate mishap. We do not want to loose the new home and are willing to pay both mortgages if needed until the our townhouse gets sold.
1. Will this cause our loan application to be denied since their is still money owned on our townhouse?
2. Would it help us if we got a cosigner for our loan application?
3. If our loan application is denied is it possible for us to get our deposit back on the new home?
4. Should we have waited longer before we signed the new contract?
5. Is their anything else we can do to help us get approved for the loan?
Please help! This would devestate us if we were to loose this house because of something that was out of our control. Inventory is wearing thin and prices are going back up so starting all over again is not an option. Thanks.
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10-09-2009, 01:03 PM #2
Condominium
- Join Date
- Sep 2009
- Location
- New York
- Posts
- 212
Hi thanks for sharing. Bank rules say that a loan is denied if property or whatever is sold out, closed or unavailable. I fear you have to reapply for the loan.
1. Go to the bank and talk to the representative. Discuss the situation and apply for an extension.
2. Talk to your agent.
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