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My partner lives about an hour+ from me. We both have awesome stable jobs and are looking to live together but we're in a situation where we don't want to keep driving back and forth to be with each other anymore, so we want to buy another house in the middle for both of us to share.
I'm thinking to sell my house which I own and pay for by myself that has just been refinanced (I've lived there for about 3 years now). He doesn't own any property at the moment. My mortgage loan is under water by about 80-100k *sigh housing market*, and I'm paying about $3,800 in mortgage a month now. We will both be going into the new house and loan jointly, so I'd be paying for half, and we're looking for it to be cheaper, at about $3,000 a month total, so $1,500 for me about.
Are there any options for me to roll that left over loan amount into the new house loan with the same lender? ( I have Wells Fargo currently) Do they do that? Or do I just have to eat the $100k loss and pay outright with seller's fee and all, which would be impossible for me. Do some people even just walk away? I really don't want to do that either. Would appreciate any advice, thanks!
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