Handling two mortgages

[snoopy30]

So DH & I are now the proud owners of two homes :eek:

After this month we will start paying two mortgages and it's really starting to stress me out (as it should I guess!). Our previous home has been on the market for over 90 days and we're contemplating renting at some point.

If you have had two mortgages in the past or do currently how do you deal with it all? How long were you in that situation?

I guess there's really not much advice to give I was just looking for a place to unload ;)

It's a situation we anticipated but nonetheless the reality of it is finally hitting me now.

[Standrea]

We are about to be in the same boat. We will hopefully close on our new house in the next 2-3 weeks, and then we will put our current house on the market. I think if it doesn't sell in 2 months, then we will rent it out. I'm not expecting it to sell, but i dont just want to sit on a property.

[TMat13]

We put our old house on the market in April 06 and had an offer within a few weeks but they didn't want to close for approx. 60 days. In the meantime, we found 20 acres that we loved and put an offer in. The day after we close on our property, we find out that the contract on our house fell through so..:confused:. Unfortunately, we had 2 mortgage payments for right at a year...we finally closed on the house 7-31-07. It was very stressful but luckily the property that we bought was less expensive than our house was and we were able to financially carry 2 mortgage payments for a year. Obviously, it was very stressful and I am so glad it is over. Good luck to you and I hope your time is much shorter than ours!