Can you buy a short sale and then short sale your own house?
I really really want to buy the neighbors house, it is on the market for a short sale, which means it’s about $ 50,000. We are currently paying on a $ 160,000. mortgage. My husband may be taking a pay cut and we may not be able to pay our mortgage after that. If that happens we would have to short sale our own house. We would then not be able to buy another house for 2 years. Can’t we just get a 2nd mortgage, buy the neighbors house, and then short sale our own house. It would be the only way to get another house. Please, any suggestions on how to do this would be great.
Yes, all of the houses where we live are worth about 1/2 of what they were 2 years ago, so we are upside down and a realtor told us that a loan modification, or a short sale would be our only options.