Mortgage Programs
Are there still any Mortgage programs to assist with a loss?
I have a townhome in Mass that I may need to take a loss on if I decide to sell. I found a new home for a great deal. Are there any mortgage programs that I can roll the loss into the new home mortgage?
No, and Jay S. is wrong- a lender will not lend more than the sales price of the home for any reason. If the house is selling for $100k that is the value (aquisition cost) for the first year- no matter if it would appraise for $200k. The lender can not lend more than aquisition cost on a purchase.
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