Short Sale advice please...
Hi there,
I need some advice please regarding short sale.
Here's my current situation.
I currently have a primary residence with 2 mortgages.
The house is only under my name and we have lost almost $100k and there is no more value to keep the house.
I purchased the house at $195 six years ago and now worth almost $95k.
Here's the question.
Me and my wife were pre-approved for $140k and we want to buy another property for lower price, lower interest rate and a little bigger square footage.
Once we finalize and close on the new house, can I short-sale the old house that is only under my name from 2 banks?
Will this be a problem? When we negotiate the short-sale, will the primary bank search and dig into why I have a new home and cannot afford to pay the original house?
Is this do-able? I really would appreciate feedbacks and suggestions and trying to see if a short-sale will work and the 2 banks won't come after our new property with my wife and myself on the mortgage.
Thanks in advance!