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Aboutr $20000 underwater on current home and needing a larger home.

My wife and I can afford a large home but we are not able to sell or get the lender to modify the principal amount on the current.  We could refi or sell if the principal owed was inline with the current value. Our family has grown and we need to move.  Any suggestions?
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May 07 2012 - Memphis
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Answers (2)

Most lenders would require the sell of your prior home before you can get approval to purchase another home unless your debt to income ratio and credit rating is efficient enough without selling first. 
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May 07 2012
Profile picture for sunnyview
It sounds like you have tried to work with your bank already, but Zillow lenders may have more suggestions. You might look into HARP2 to give yourself a path to get a larger house by reducing your current interest rate/payment so that the house you have now will pencil out better as a rental when you do buy another house.

I believe that HARP requires you to owner occupy for a year, but it may help you if you are not far enough under to be a good candidate for a short sale. In most cases, a short sale will impact your ability to buy another house for 2-3 years.
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May 07 2012
 
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