All Forum Posts by: Matthew Bruzek

Talk to your loan servicer. Tell them what you posted here. They may have a program for you. Back in my day, if you missed a payment (which as an investor I never did), the loan servicer would just start foreclosure proceedings as soon as possible. All that changed after the GR (Great Recession) and by law, loan servicers can't crush you like in the old days.

In NC, and I'm sure in other states under comparable forms, in the 2-T standard form (I don't have a current copy) under 5(b). BUYER REPRESENTATIONS click "DOES have to sell or lease other real property in order to qualify for a new loan." That will show to sellers that your buying is contingent on getting a seller for your current property. This process happens all the time.

As an investor, I've never experienced what you've posted. I buy/sell without regard to other property (except when pooling in a mortgage tranche) so can't relate directly with your scenario, but talk to your loan servicer. they can help.

That’s a good first step - thank you!

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Quote from @Chris Seveney:

@Matthew Bruzek

What state is this in, there are also departing home programs which are bridge loans that will work with you and be short term financing to buy a home while you sell your other

I’m in NJ! We’re actually potentially looking to move from owning to renting, so I don’t know if the qualifications would be the same for that situation. We have an opportunity to live in one of our dream locations in a wonderful space, so I’m exploring all options before making a decision. Appreciate that (and any additional) insight.

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Hello! This is my first post and is just a general question. My wife and I are considering selling our current property and moving into another, but as I’m sure many of you know, those events don’t always line up perfectly to prevent paying for two places at once.

I’ve heard rumors about a program that allows the temporary freezing of mortgage payments on properties for sale by owner while they begin paying for other properties. I’m totally new to this and this was something I heard in passing, so I’m looking to understand if there’s any validity to this and, if so, how does one go about setting it up?

This is in an effort to make moves toward our goals without sinking ourselves. The opportunity to move on this other property is rare, and we’d need to sell our current property in tandem.

Thank you!

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All Forum Posts by: Matthew Bruzek

Matthew Bruzek has started 1 posts and replied 3 times.

Post: Temporary Mortgage Freeze?

Post: Temporary Mortgage Freeze?

Post: Temporary Mortgage Freeze?