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If your wife has enough income and good credit then one solution might be to purchase a new home with her as the sole owner. If your credit and income is good enough, you might be able to buy as well. Those options are available then you open up a world of possibilities. Let me talk about those for a bit...If you feel comfortable with being a landlord, you can rent the property. You have the option of either managing the property yourself or hiring a property manager. In my area a fee of 10% of the rent is charged for this service typically. Property managers can be excellent professionals or awful scumbags, so be sure to find a good one.Of course, "talk to the right professionals, as in several, including an accountant"... but a few things for you to consider: If your home is an investment property in the future, and you actually hold on to it long enough you might have to pay capital gains taxes, OR you might eventually gain enough equity to be able to leverage this home to pay for a 2nd, 3rd, or 10th rental property. In the future home prices will eventually rise, if for no other reason than inflation.If you are not able to break even with your rent vs. the mortgaged amount plus expenses, you can claim this as a loss on your taxes. If you're in a higher tax bracket this could bump you down to a tax rate that makes this feel not so bad.I've found frequently that even very intellegent people who have not had experience with investment property are overly hesitant and afraid of what they don't know. This may be a good opportunity to educate yourself and your family about the experiences related to owning rental property or rent to own scenarios. Your current home might not be generating positive income or equity in the immediate time frame, but the experience could teach you enough to set yourself up for future successes and build confidence.Keep an open mind, stay motivated, be positive about your situation, and be sure to maintain your credit.
Hi again Juniorferg, the fact that you recently got married can help you for the need to move? By chance does she have any children that would also add for the fact that you've outgrown home? As that could possibly indicate a hardship. When you took out monies from your home it will depend upon what you used the money for; for example was it a necessity for living expenses or was it for the ability to add assets? If it's the latter, you'll likely be looking at having to do some type of contribution to complete a Short Sale. If you have assets now; such as, money in the bank and investments again you'll likely be asked to contribute. Of course, the requested contribution can be negotiated. Good luck
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