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Answers (6)
Best Answer
- wetdawgs
- Contributions:26854
What can you do? There are a couple of options: a) If you can afford the monthly payments you can rent the current home and purchase a new home. Of course, it is likely the lender won't consider the rental income for a couple of years.
b) you can sell the current home, bringing money to closing to pay off the mortgage, and then purchase a new home (or perhaps rent for a year or two to build up the down payment). Make sure all basic home maintenance is in top form before putting it on the market (and yes, that does mean painting among other things).
c) If you've had financial hardships (and having children is not considered in this category), you may qualify for a short sale. However, then you wouldn't be able to purchase for a while after the sale.
d) Sit tight and support the frugal living approach, while you save up your money to pay off the mortgage and a hefty down payment for the new-to-you home. If it were my family, I'd vote for this one.
b) you can sell the current home, bringing money to closing to pay off the mortgage, and then purchase a new home (or perhaps rent for a year or two to build up the down payment). Make sure all basic home maintenance is in top form before putting it on the market (and yes, that does mean painting among other things).
c) If you've had financial hardships (and having children is not considered in this category), you may qualify for a short sale. However, then you wouldn't be able to purchase for a while after the sale.
d) Sit tight and support the frugal living approach, while you save up your money to pay off the mortgage and a hefty down payment for the new-to-you home. If it were my family, I'd vote for this one.
- Sergio Hernandez, "Sergio Hernandez"
- Contributions:619
Why not wait until the value of your property improves?
You have 4 options:
1. Save a bunch of money, till you can afford to lose money on the sale of this home and buy the next one.
2. stay in this home.
3. try to short sale, and wait several years till your credit gets better and you can buy again.
4. Hope the market improves in the next few years, so you can sell this home and make enough to buy the (now more expensive) bigger home...
1. Save a bunch of money, till you can afford to lose money on the sale of this home and buy the next one.
2. stay in this home.
3. try to short sale, and wait several years till your credit gets better and you can buy again.
4. Hope the market improves in the next few years, so you can sell this home and make enough to buy the (now more expensive) bigger home...
- Guy Gimenez, "Broker and Investor"
- Contributions:58
Not really any good options for you. If you short-sale, your credit is screwed and you can't buy another home for 3 to 5 years. If you lease the home, you'll still have to get approved for a new loan while carrying a portion of the existing note since lending guidelines won't take into account the entire amount of rental income.
Talk with an competent agent in your area to determine actual market value of your current home. Have them provide you a sale costs sheet so you can determine how short of cash you would be at the closing. If it's less than expected, sell off everything you can live without (kids and wife excluded) and try to raise the money needed to get your home sold. Otherwise, just sit tight and enjoy the fact that you still have a home when many of those around you do not.
- Lynn Pineda, "Lynn Pineda"
- Contributions:280
Good evening.
Due to the fact that you owe more than your home is worth and need to move as your familly is now too large, you'd have to qualify to sell your home as a Short Sale to get your home sold. [self promotion and contact information deleted by Zillow moderator. Please refer to our Good Neighbor policy for posting guidelines]
Lynn Pineda
Realtor
Keller Williams
Due to the fact that you owe more than your home is worth and need to move as your familly is now too large, you'd have to qualify to sell your home as a Short Sale to get your home sold. [self promotion and contact information deleted by Zillow moderator. Please refer to our Good Neighbor policy for posting guidelines]
Lynn Pineda
Realtor
Keller Williams
- jrlp214
- Contributions:3
I really appreciate the quick advice Wetdawgs. We never painted because......well we just never did, lol. I guess we figured if we ever wanted to sale, the buyer could paint the home to their liking and our choice of colors would not interfere with the buying decision. We will continue to try and pay down our mortgage balance and see what the future holds for us. Going to continue to save, save, save and hope for the best as far as the housing market goes. Thanks again.
Want to sale and upgrade, family getting larger.
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