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We want to sell our house and buy a foreclosed home that we have found.

Our house has lost value in the three years that we have been in it  and we have little to no equity?  Is there anything we can do or are we stuck in our house until the market turns around?

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November 01 2010 - Marietta
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Answers (6)

You may be able to keep it as a rental.  My preferred lender in town has a program which allows you to keep the existing home if someone has 6 months reserves in the bank for both mortgages or has an 70% Loan To Value on the current home.
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November 02 2010
Sometimes it happens.
Market might change again.
Perhaps you can find tenant for your house
 and use for investment purpose for now.
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November 02 2010
If you truly are ready to move be prepared to bring money to the closing table.  If you have found a forclosure in an area you prefer and doesn't require tremendous repairs, you may be able to obtain a great deal on your dream home, if that is your motivation.  Just know you will have to provide a great deal to someone else as a trade off to take advantage of the opportunities that are out there today. 
If you are able to rent your current home, you then take on the responsibility of maintaining 2 homes.  If rent isn't paid, you still have to pay your mortgage and repair anything that could go wrong while the tenants are in your home.  You will definitely need savings for the just in case. 
If these scenarios leave you feeling a little queasy, you may just want to wait it out!  Good Luck!
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November 02 2010
You didn't clarify why you want to move.  When you moved into your current home were you thinking of it as a long term investment or were you thinking that you would only be there a few years?

 The insane years a few years back of crazy appreciating home prices where people were easily making money in short term real estate purchases was an anomoly. Housing should never be considered a short term investment.
Unless there is some compelling reason to move it simply doesn't make sense at this point. 

Buying a foreclosure may bring on a whole bunch of other issues you will have to deal with and although I don't know your particular market, real estate is not likely to be turning around anytime soon so you could easily find yourself in a similar situation.
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November 02 2010
It depends on your debt to income ratios. You could possibly rent the home out if you qualify for another mortgage. Sometimes it is worth the benefits on the buying end since the interest rates and market is so low. Please contact me to formulate a gameplan. I have all the resources you need. Jonathan
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November 02 2010
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Unless you can bring cash to closing with your current home sale, chances are good you are stuck for a while.
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November 01 2010
 
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