Washington  |  Real Estate Law

Legal Question

Asked on: 8/28/09, 10:04 pm

My house is valued approx. at 230,000 and I owe 263,000. There is a house down the street up for auction starting at 25,000. My question is if there is anyway I can get a second mortgage approval amount so that I can make a bid at the auction and if (big if) I were to win the house at a bargin price (say 100,000), is there a way I can attempt to sell my current house and have the remaining owed (lets say I get a good sale price of 220,000, leaving me with 43,000 in the hole) and add that to the new mortgage of the new house (100,000 + 43,000 = 143,000). That would mean I get an equal valued house, but only owe 143,000 versus 263,000 if that makes since.

Didn't find what you were looking for? Ask an Attorney!

Get answers from the top Attorneys
Ask Question

125 Answers given in the last few hours.

8663 Active attorneys ready to answer your question

Search Past Answers:
  Advanced Search