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Debt Relief – Insolvency – Bankruptcy Information » Foreclosure Help » Could I get another loan for a foreclosure while I’m doing a short sale on my original home?

Could I get another loan for a foreclosure while I’m doing a short sale on my original home?

My wife and I are splitting up and I would like to know while we are doing a short sale could I go out and get another loan for a foreclosure that are out there?
If so what direction should I go.

Need your help, anyone so I don’t have to live in an apartment for double the amount.
How about doing a rent-to own? for 3 yrs?

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4 Responses to "Could I get another loan for a foreclosure while I’m doing a short sale on my original home?"

  1. General Custer says:
    Logically, no.
  2. src50 says:
    A recipe for further disaster.
  3. Real Estate Guy says:
    duh no. You are a deadbeat and it will show on the credit report. You will need to wait at least 3 years.
  4. lu_candid says:
    Yes, but the question is will you get approved? They will see the lien/note on the first house and inquire into it. If you have plenty of capital then it won’t be a problem. But I would rent first for at least a year and get your ducks in a row.

    Have you considered that the short sale will not get approved by your bank? But then you bought another house but still have to pay the mortgage on the first? It could get complicated and you could end up with two mortgages.

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