Very complicated situation… I'm currently in a seller financed 'mortgage'… It's really just a written and notorized agreement. I went into it young and nieve and I now realize ten years later what a horrible deal I got. The house is falling apart and with the high interest rate and the depreciation of the trailer I'm in, I still owe more than twice what the property is worth. My wife and I just had a baby and we're desperate to find a new home. Here's my question. On my credit report (and in the eyes of mortgage companies and loan agencies) it shows that I'm NOT a home owner. Can I say I'm a first time home buyer and get a loan while still bound to this written contract? I plan on renting out the property I'm in to satisfy my house payment here. I'm afraid that I won't be able to get a loan for two mortgages otherwise. Can't just walk away from the first contract because I definitely wouldn't qualify any time soon… What should I do?
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