I'm researching the process of selling a home and buying a new one. Several articles warn against buying the new home before the old one is sold because you may end up having to pay two mortgages. I'm wondering why one would continue paying the mortgage on the old home?
Obviously, you don't want the home to go into foreclosure if you have any equity at all in it, but what is to prevent you from skipping two or three mortgage payments while trying to selling the old home? Personally I might have some ethical qualms about doing this but is there anything else to worry about?
We expect answers to generally involve facts, references, or specific expertise; this question will likely solicit opinion, debate, arguments, polling, or extended discussion.The answer is very factual. There is no opinion. There is no debate. There is no argument. So far 4 of you have ignored the very guidance in the close reason you've selected.