I live in Las Vegas, NV and I own a home which is currently worth less than what I originally paid for it. The mortage company will not let me remortage to get a lower rate. Also it is adjustable and due to balloon in April 2009.
I am seriously considering letting the property go into foreclosure as this seems my only option.
In the meantime I have been looking for another house and have made an offer on another property.
My question is -
Will the foreclosure on my first home effect the house I am planning on purchasing and moving in to.
Can you advise me on the best way to get out of the first mortgage so that we can move on ???
What will be the consequesence of foreclosure ??
I am seriously considering letting the property go into foreclosure as this seems my only option.
In the meantime I have been looking for another house and have made an offer on another property.
My question is -
Will the foreclosure on my first home effect the house I am planning on purchasing and moving in to.
Can you advise me on the best way to get out of the first mortgage so that we can move on ???
What will be the consequesence of foreclosure ??