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How can I move when my house is underwater?

I want to relocate, but my house is worth 160,000 less than loan. I just went thru modification ordeal with the lender and am in my 3 month trial period. I purchased the home before I met my fiance and there is not enough room for all of us. My house is in a good location near Boeing, Everett.  Is there a way to move at this point or am I just stuck?
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September 14 2012 - View Ridge-Madison
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Answers (8)

I have helped many people in that situation in my area by doing a short sale. Most major lenders will allow you short sell - contact your lender and ask if that is an option for you. Short sale options are available for people who did loan modification but still not able to make payments due to hardship. But as suggested, you want to make sure that you understand the consequences after short sale before taking that route.
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February 21 2013
Denise,
You can contact a local realtor and get a Market Analysis of the rents in the area. You may break even with the total housing expenses and the rent. If there is a slight negative you may consider renting with small monthly negative. Check with a professional tax consultant analysis tax benefits of renting the house.
Gail Mercedes Cole
EXP Realty
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February 21 2013
You may at least consider renting out your property.  I am not sure if this could be an option but if you want an idea of what it would rent for and if this could cover your mortgage you can reach out to a property manager.  Homes tend to rent well in the Boeing area.  Please let me know if I can refer you to anyone for this. 
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February 21 2013
I would highly recommend speaking to someone about the possibility of doing a short sale.  You need some expert advice here, not just from a real estate broker, but a real estate attorney and mortgage broker who could help you decide how you to proceed.  Every case is different, so make sure that you are getting advice from multiple sources.

There is hope and there are definitely options for people in your situation.

If you need some referrals for people to speak with, please let me know.  I am happy to assist.
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September 28 2012
You start your message by saying that you"want to relocate" not that you have to relocate, in that case, you may either do a short sale if the lender agrees that you are experiencing a hardship, but since you just did a loan modification I do not know if they would allow a short sale, after all the loan modification is an alternative offered to people who are experiencing some sort of hardship and want to stay in the property.  Since the loan modification and the short sale impact on your credit just the same, you must be aware, I am sure,  that you cannot purchase a home for at least 2 years after the trial period of the loan modification ends. The other option is to rent the property. 
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September 14 2012
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Yes, you can move if you can bring cash to closing to make up the difference.

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September 14 2012
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Thank you for your response. No we have no other home to move to. I was pretty much sure I was stuck, but it doesn't hurt to ask.
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September 14 2012
It sounds like you are somewhat stuck and your options are limited. Does your fiance have a house you can live in? Can you rent your house and move into his house? Selling is not an option unless the bank allows you to sell it short and to do that you need a hardship and you don't mention one. You could try to offer it back to the bank or stop making payments and let them foreclose. I wish you had better options but those are about all I see based on what you told us so far.

Tim
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September 14 2012
 
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