This is suppose to be a great time in our lives! We are thriving as a family & happy plus we are building our dream home! What is the problem then? The problem is our damn townhouse isn't selling! No one has come in weeks! We lowered the price & still no one is coming to see our place! We are less than 2 months away from completion of our house! What the hell are we going to do?! We could lose our dream house! What does our realtor ask me to do? Talk to someone at the bank about a Bridge Loan so we can get into the new house because empty houses sell quicker. So I left a message for them at the bank to get back to me. Then I looked up online what a bridge loan is because I don't want to get screwed either.
The Bridge loan would allow us to take the equity out of the townhouse & use it as a down payment on the new house to get us in it, we would not pay on the Bridge Loan until we sold the townhouse, but we would have to then pay 2 mortgages! We could probably do this for 2 months, but there is no way we could indefinitely! Then what happens if after 2 months its still not sold? We get screwed! Thats what?! What am I suppose to do tank my credit? I don't think so! It doesn't sound like something we should do to me. I think I would rather lose my dream house (sad & very upsetting yes!) than to take a chance on tanking our credit & screw us on other things we want to do (hmm bankruptcy doesn't sound good to me nor does losing all of our savings)
I'll still go & talk to the bank as I want to learn a little more about it plus get a quote on doing our mortgage anyway.
Anyone wanna buy a townhouse?
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