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We need a new car but are trying to get the ball rolling on short selling our house. Can you get a car? Do you have to get approval or how does this work? I dont want to mess anything up and not get approved for our short sale... anyone know?
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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A short sale is one where you are selling your home for more than you owe the lender. In a short sale you will walk away with nothing and a big hit on your credit score. Are you getting a NEW car or ANOTHER car? Either way your mortgage lender wont be interested. If you were trying to renegotiate the terms of your mortgage the lender would probably be VERY interested in your transportation.
If you need the car get the car. If anything, it might help your case if you finance it and you'll probably get better rates now than after the short sale.
thx guys. were looking at getting a used SUV. our car payment will only be like 80 dollars more than what it was on our old car. i just didnt want the banks to look down on it because we need a new car. mine's paid off by next yr and our other car is 7 yrs old with 100k miles on it.
thx guys. were looking at getting a used SUV. our car payment will only be like 80 dollars more than what it was on our old car. i just didnt want the banks to look down on it because we need a new car. mine's paid off by next yr and our other car is 7 yrs old with 100k miles on it.
7 years old and 100k defines needing a new car? I mean no offense but I drive an 11 year old car with 150K miles on it and will drive it for a long time. (Toyota makes great cars). If it doesn't run that's one thing, but you are talking about a short sale, and moving across the country to another state.
You do realize that the bank could say no to your short sale and then when you rent at a loss, which you've posted on here, you'll be adding an additional $80 loss a month to your mortgage loss or you would have to walk away from the house.
Now if your car has died, that's one thing, but do you NEED a new car or WANT a new car?
7 years old and 100k defines needing a new car? I mean no offense but I drive an 11 year old car with 150K miles on it and will drive it for a long time. (Toyota makes great cars). If it doesn't run that's one thing, but you are talking about a short sale, and moving across the country to another state.
You do realize that the bank could say no to your short sale and then when you rent at a loss, which you've posted on here, you'll be adding an additional $80 loss a month to your mortgage loss or you would have to walk away from the house.
Now if your car has died, that's one thing, but do you NEED a new car or WANT a new car?
I agree with you and I have a little issue with...it is only $ 70.- more a month...while you stop paying your mortgage...what else does the Op has spent more per month lately...that is the big Q?
It used to be that you buy things when you can afford it and pay for what you are responsible for...
7 yrs old car...I don't get it anymore...
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