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Answers (7)
- wetdawgs
- Contributions:26833
A strategic default wasn't mentioned because it will keep you from buying another house for three to five years. As your original scenario included the desire to go to a larger house, it didn't fit.
- DBN DN
- Contributions:3
Thanks for the replies. Let me clarify, have a good job (and income), just not an extra 30K laying around to buy my way out of my house, then put a down payment on another. We're looking for a bigger home in a new area with better schools for our kids. So, adding on (or sleeping in my car Pasadenan) won't really help. Surprised nobody mentioned strategic default. That seems the most promising solution, but I'm looking for a more ethical idea.
- Dennis P. O'Connor, "realtygenius"
- Contributions:40
Have you tried to renegotiate the loan terms with the bank? There are a lot of new programs now a days.
- Greg Cook, "Greg Cook"
- Contributions:119
DBN, that was a strategy utilized for years by the automakers and we know how that turned out.
If you're underwater on your current home, you have two options: you can add on, but you would have to pay cash because a bank is not going to be put in a deeper underwater position or you can try to short sale, rent for at least three years and then try to buy a bigger home then.
Good Luck!
- Pasadenan
- Contributions:21461
How about getting a construction loan to add on to the existing structure? How about not borrowing more money, but putting aside some of your income that would have gone to increased mortgage payments, and using that for paying for the construction as you do it? How about doing most of the labor yourself to keep costs down?
How about increasing your payments to the point where you would not be underwater by the time you needed to increase the space?
How about sleeping in the car or in a tent outside to give more space to the others?
How about increasing your payments to the point where you would not be underwater by the time you needed to increase the space?
How about sleeping in the car or in a tent outside to give more space to the others?
- Hamp Yonce, "Zilluminati"
- Contributions:3463
How about a 1031 tax free exchange with someone who needs to downsize and is also home snorkeling.
- wetdawgs
- Contributions:26833
Nope. That approach went out the door a couple of years ago.
I need to upsize, but underwater on my mortgage. Any way to carry negative equity forward?
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