buying another before foreclosing?
Posted by Steve on February 27, 2008 at 09:10:41:
I am sure this topic have been brought up before. I currently own my home which like many others in CA, is upside down. I am in a negAM loan. I havent missed a payment yet (3+years), but due to family problems, I will not be able to make the minimum payment in the near future because my savings is almost wipe out. SHOULD I PURCHASE ANOTHER HOME (a cheaper one) NOW BEFORE MY CREDIT IS RUIN? I have already gotten preapproved and had just made an offer. I just want to know if I go through this route, what could or will happen? If this offer gets accepted, I will definitely missed my payment next month because of the downpayment on the second home.
Follow Ups:
- Re: buying another before foreclosing? - jn 21:12:44 03/24/08
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- Re: buying another before foreclosing? (url) - Julio Martinez-Clark 10:39:01 02/27/08
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- Re: buying another before foreclosing? - steve 18:43:47 02/27/08
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- Re: buying another before foreclosing? - Julio Martinez-Clark 20:42:28 02/27/08
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- Re: buying another before foreclosing? - Steve 14:08:15 02/28/08
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- Re: buying another before foreclosing? - steele inminnesota 14:05:13 02/27/08
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