Can i refinance the house i am trying to sell?

Bernie
My family and I moved due to job location change. We are in a new house and will need to make the first mortgage payment 9/1. Unfortunately our other house has not yet sold and I am still paying the mortgage and bills on it. Can we re-finance the old house to lower the payments so that I can afford to make them and still keep it on the market?

Edra
Fannie mae guidlines says 1 year after the home has been removed from market (MLS) can you refi. The lender will find out as soon as an appraisal is done if it was on the market since they check the mls. What you can do is take it off the market and try to take out a second mortgage where the lender doesnt require a physical appraisal ( online appraisal only) such as di-tech or quicken loans just to name a few off the top my head. You don't volunteer to the lender that it was for sale and then once the loan is closed put it back on the market.

Dorene
Get a second mortgage or line of credit on the home you are selling. You may end up paying closing costs depending on the program, but if it is the only way you will make the payment on the new house it may be worth it. Also, you will need to do something as soon as possible because depending on if you need an appraisal it can take a couple of weeks to get the funds.