Moderator Emeritus
Posts: 5,267
Registered: ‎03-18-2008
Re: Want to buy a new Home but can't sell Current House

Second homes frequently require hefty down payments as well.

 

You could consider a short sale.  If you are not delinquent on your current mortgage, then there would be no waiting period before obtaining a new mortgage.  However, your FICO scores will suffer greatly after the short sale is completed, which could make obtaining a new mortgage more difficult.