I have two houses, a primary residence and an investment rental property. On the investment property I haven't made a payment in 20 months. I am upside down on investment property and have a lot of equity in primary residence. I was wondering if I sell my primary property and sell my investment property and use the money from my primary residence to pay off the difference in my investment property, how soon would I be able to buy another home as a primary residence after doing this. Me and my wifes credits scores currently are 605 & 586. All other credit obligations are paid on time, and selling both houses will leave us with the option of paying off all debt and a large down payment. A couple of lenders is telling me that we would be able to buy a house immediately, while a few others say that it will be 2-3 years. Our combined income is really good, just not able to support two mortgages. Would it be possible for us to buy another house if we sold both under these conditions, or is the lenders just trying to get our businesses. Can lenders ability to guarantee a loan really vary by this much were some will say in this situation that there is nothing that we can do for 2-3 years and some saying that we could buy immediately - 1 year from the date that we did this option. Any explanations from experienced individuals will be greatly appreciated.
Read more: Can I qualify for a Mortgage Loan after being delinquent on an investment property?
