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Buyer and new home and short selling first home (1 viewing) (1) Guest
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TOPIC: Buyer and new home and short selling first home
#7212
Dingo (User)
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Buyer and new home and short selling first home 7 Years, 6 Months ago Karma: 0  
My current house is under water. I owe about $110k more than i can sell it for. I have some cash saved up and would like to buy another hour in a nicer neighborhood and then short sell my first house. I know if i short sell my first home and i have money in the bank, the mortgage company will want to go after it. So, my thinking is that if i use the money to purchase a 2nd house, that the mortgage company couldn't go after the equity in the second house if there is a short sale on the first home. Make sense? Any problems with my thinking?
 
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et non (User)
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Re:Buyer and new home and short selling first home 7 Years, 6 Months ago Karma: 1  
The only thing i can think of is that the mortgage company on your first house may try to go after your down payment on the 2nd house. But, that would be hard for them to do seeing as they cant file a lien on the second house unless you issue to them a mortgage. In which case maybe they try to garnish your wages. Thats the worst they can do unless they can assert fraud on your end.
 
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Dingo (User)
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Re:Buyer and new home and short selling first home 7 Years, 6 Months ago Karma: 0  
Im more worried about a fraud charge. How could the first bank assert fraud on the second purchase if the funds used to qualify for the 2nd house were legitimate and i qualified for the mortgage? I dont see any fraud, but i feel that the bank would assert fraud.
 
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