Short Sale to upgradeWe bought our home in 2001 for $155,000.It is now worth maybe $110,000 to $118,000 due to the bubble burst We have a 2nd mortgage for $40,000 that went into upgradesAll total, we still owe about $163,000.Before property taxes and insurance, we pay about $1328 per month.With the lowering of home prices and interest rates, I can pay the about same per month and get almost a $300,000 home.I don't want to necessarily get a $300,000 home but I do want to upgrade.I have perfect credit and have never been late on any type of credit payment.If I sell my current home for $110k-$118k I will still owe $45k-53k on it.What are my options? I believe ultimately it would be worth the loss of $45k-53k in order to upgrade. The question is, can I get a loan or is their some other option to cover the cost of the short sale loss.June 05 2012 - US00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.