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How to sell an underwater home an get a mortgage for a new home?

I have a property in FL that took a nose dive and now worth less than 50% of loan value.  I am relocating to Atlanta for work and would like to buy a home there in 6 months time.  What options are there for the FL home.  It is currently rented out while I am out of the country for work.  Can I sell it and role the difference into new mortgage?  Short sale it?  Any other suggestions on options and who best to advise, lawyer? 
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July 26 2011 - US
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July 29 2011
Profile picture for LondonMover
Thank you for your feeback everyone.  Much appreciated.  I will be speaking with the lender AHMI today and see what they can do.  I will research RE Lawyers in the area too for more advice.  I will come back with some more specific questions I am sure.  Thank you all for now.
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July 27 2011
Best thing to do is talk to your lender to see if its possible to buy another house. Some lenders offer programs where if you sell your current home, even in short sale, you can buy another house. However, you must not have any late payments on your current mortgage. Your current lender might give you the option to sell the house without falling behind on your mortgage. 

But again, consult with your lender.
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July 26 2011
You could speak to a mortgage lender about qualifying to purchase a new home in Atlanta while keeping your home in FL as a rental.
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July 26 2011
Profile picture for wetdawgs
Sell and roll difference into new mortgage - no, not possible.

Short sale - that would stop you from purchasing in your new location for a couple of years.

A lawyer may be able to advise.   Select very carefully.   Good luck.  I'm sorry you are in this difficult situation.
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July 26 2011
You couldn't roll it into your new mortgage as your new mortgage value can't exceed the value of the home.

You can't short sell and then buy a home as your credit would be too impacted to make a new purchase for at least two years.

You can't allow it to go into foreclosure as that too would impact your credit rating. And Florida allows lenders to sue for losses on foreclosures, so doing a foreclosure is problematic in Florida.

Before doing anything, talk to an attorney who specializes in real estate and a tax professional.

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July 26 2011
 
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