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Profile picture for DebbieLR

Can afford home, can't sell, but HAVE to move soon- what do I do?

My husband and I own a three bedroom condo, currently worth less that what we owe on it (bought 7.5 years ago), which we live in with our two children.  Our oldres child (not yet born when we last moved), is wheelchair bound, and all bedrooms are on the second floor.  We are approaching the time when we will HAVE to move (within the next year or two- would have already done it if we could sell).  We can afford our monthly payments without any problem, and our credit is good.  I doubt our income is high enough to qualify us for TWO home loans (though I haven't tried).  We don't have much cash, and we have negative equity.  Given the modifications our next home will need, owning makes much more sense than renting, but, regardless, we need a one story.  What is our best option? 

  • September 05 2012 - Yorba Linda
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Answers (3)

Hello Debbie!  You have a few things to consider.  On the positive side, home values have actually been rising, which could assist you in a conventional sale vs. short sale.  When you are ready, I can provide you with a current Market Analysis with comparable Solds in the last 90 days.  If you must short sell, FHA allows you to qualify immediately after short selling if you haven't missed payments!  Let me know how I can help!
  • November 16 2012
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Profile picture for user557845
You will not be able to buy again for 3 years!! Even with excellent credit before the short sale!! Ask any bank!!! Keep your house and make modifications or rent the house and buy another!! Don't do short sale!!!!!
  • September 06 2012
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Profile picture for Mikki Ramey
Have you talked with your bank about doing a short sale?  I would definitely do this.  I would also talk to a mortgage broker to see if you would qualify for 2 loans.  Sometimes an independent broker has more options than one associated with a bank.
  • September 05 2012
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