I am upside down on my home and want to buy another house

    Housing wire reported that the Urban Institute says the Foreclosure backlog to ‘take decades to complete’.  I don’t know about “Decades” but it has caused it’s The Paris911 TEAM at REMAX santa Claritashare of pain to the current homeowner and those that have very limited options.

    Recently we spoke with two separate clients that had purchased their homes in the late 1990’s – who never took any money out and had 30 year fixed mortgages.  They are not sure what they should do given their current “equity” scenarios.

    Both are now what the typical world viewer considers “up side down” on their equity positions.  Both are employed and are watching as their neighbors homes are selling as Short Sales and Foreclosures for less than what they paid on the very same house.

    “I don’t know how much more I can watch…”  “Everyone else is walking away, what are our chances of buying another home, so we can let this one go..”

    Not very good due to the banks having “cinched” up that part of the borrowing process.  There is no bank, once made aware, that would ever agree to allow you to get financed on a second home knowing that you intend to let your first fall to foreclosure or short sale.

    However, if those are not a current homeowners intention – you may be able to move closer to work or move with some other supportive reason.  As long as you are going to rent your current home.  All these “might be factors” are dependent on you being able to qualify for both mortgages.

    We have a current client that has her primary residence rented – it has been rented for over the past year and she can prove it.  That home, taking care of itself, does not count against her wanting to purchase another.

    Be Safe – Get Good Advice and make sure you are speaking with Experts in the Field of Real Estate.  If you are on the hunt for a GREAT Santa Clarita Lender – let us know and we will make the proper introductions:

    [gravityform id=”8″ name=”Hunt me a Lender Please…” ajax=”true”]

    Your New Foreclosures alert, Paris911’s Auction Alert for Santa Clarita Valley, found a match.

    Stage Radar ID Street City Zip State Type Sq Ft Beds Baths Sale Date Est. Value Est. Bid

    Auction 700868b 26801 TERRAVISTA CT SANTA CLARITA 91351 CA CND 2311 3 1.00 01/17/2012 $329,723.00 $680,830.00

    Auction 23772012 27324 DEWDROP AVE CANYON COUNTRY 91351 CA SFR 1144 4 2.00 01/03/2012 $250,785.00 $303,102.00

    Auction 817400b 26943 HILLSBOROUGH PKWY 28 SANTA CLARITA 91354 CA CND 812 2 2.00 01/12/2012 $197,502.00 $375,275.00

    Auction 23813432 25276 VIA TANARA SANTA CLARITA 91355 CA SFR 1225 2 2.00 01/12/2012 $300,259.00 $463,633.00

    Auction 36021511 20332 COLINA DR CANYON COUNTRY 91351 CA CND 2997 5 3.00 01/03/2012 $388,643.00 $612,594.00

    Auction 344207 22654 CALVELLO DR SANTA CLARITA 91350 CA SFR 1364 3 2.00 01/17/2012 $317,577.00 $512,827.00

    Auction 24540357 22508 OXFORD LN SANTA CLARITA 91350 CA SFR 1635 3 3.00 01/17/2012 $360,254.00 $68,347.00

    Auction 24564680 28742 MEADOWGRASS DR CASTAIC 91384 CA SFR 1562 3 3.00 01/20/2012 $287,404.00 $401,815.00

    Your New Foreclosures alert, Paris911’s Pre-Foreclosure Alert for Santa Clarita Valley CA, found a match.

    Stage Radar ID Street City Zip State Type Sq Ft Beds Baths Sale Date Est. Value Est. Bid

    Preforeclosure 517336990 27762 COLDSPRINGS PL VALENCIA 91354 CA CND 1558 3 3.00 04/07/2012 $343,662.00 $49,663.00

    Preforeclosure 500582279 24833 SAGECREST CIR NEWHALL 91381 CA SFR 2199 4 3.00 04/07/2012 $466,312.00 $15,587.00

    Preforeclosure 24549839 22357 PARAGUAY DR SANTA CLARITA 91350 CA SFR 1250 4 2.00 04/21/2012 $271,986.00 $333,405.00

    Preforeclosure 513033757 25003 PEACHLAND AVE 111 SANTA CLARITA 91321 CA CND 656 1 1.00 04/19/2012 $103,546.00 $192,588.00

    Preforeclosure 502344831 23923 WINDWARD LN SANTA CLARITA 91355 CA SFR 2780 3 4.00 04/21/2012 $556,579.00 $541,150.00

    Preforeclosure 937155b 27001 CLIFFIE WAY SANTA CLARITA 91387 CA SFR 4344 5 6.00 04/07/2012 $921,278.00 $281,164.00

    Your New Foreclosures alert, Paris911’s Santa Clarita Bank Owned Real Estate Alert, found a match.

    Stage Radar ID Street City Zip State Type Sq Ft Beds Baths Sale Date Est. Value Est. Bid

    Bank Owned 23770417 19706 MERRYHILL ST CANYON COUNTRY 91351 CA SFR 1450 4 2.00 12/30/2011 $254,842.00 $260,460.00

    Bank Owned 23823736 27515 JASPER WAY CASTAIC 91384 CA RES 1392 3 2.00 12/30/2011 $170,532.00 $166,500.00

    Bank Owned 484828 28349 WILLOW CT SANTA CLARITA 91350 CA CND 1690 2 3.00 12/30/2011 $279,720.00 $391,351.13

    Trackback from your site.

    Paris and Connor MacIvor

    Connor and Paris MacIvor are in the Top 1% of Realtors Nationwide, starting their real estate business in 1998 with RE/MAX Gateway - Santa Clarita Valley and Valencia CA. Their becoming licensed real estate consultants and representatives came from the horrible experience they had when they bought their first home. There were many things that the agent they had hired did not explain and disclose, which per law he should have. Getting that agent on the phone after they closed escrow and after he had gotten paid was impossible. Paris and Connor called the broker, the board of realtors, the office manager and all they received was the promise of a phone call back. The remedy did come, but not as fast and in the way they wanted. That act - that bad agent was the reason why Paris and Connor became Realtors. That was all they needed to vow to never let the same fate befall anyone else, that befell them. Today Connor and Paris are focused on client service. Protection and top-shelf service with regard to their real estate clientele. They primarily work within the Santa Clarita Valley and Valencia CA. However, for a referral, where 80+ of their business is referrals they have License and Will Travel to other parts of Ventura County, Los Angeles County, and Orange County to handle real estate transactions for those who trust their real estate operation. Writing on their Real Estate Blog is a passion. SCVnest.com/blog is where you will find over 10,000 real estate articles. Go to SCVnest.com/radio to listen to their latest real estate radio broadcast.

    One Response to “I am upside down on my home and want to buy another house”

    Leave a Reply

    Contact Us Now

    Any questions, comments, or feedback

    SCVnest Radio Show (listen now)