Joe and Cindy Welu's Q&A

You would have to ask your lender if you qualify for either a loan modification or a short sale/refinance.  There are many items that determine whether or not you qualify and each lending institution has different guidelines. 

This would definately be a question for your lender...it may not depend on the price points of the properties, but of your ratios, credit scores, how long your current property has been rented, etc. 

Which property are you looking for more photos on? 

There's never been a better time to buy, so using your current cash to purchase and using the credit to pay your taxes is a good idea.  As far as lenders, it is always good to get 2-3 opinions from different lenders as to what programs, rates, etc work best for you.  I would always suggest contacting well-known reputable lenders/banks. Sometimes using the institution you bank with may be a benefit to you in terms of fees, etc, but not always.  It's important to not only look at rate, but terms of the loan and fees and costs associated with it as well.  We always give our clients 2-3 lender names to contact in addition to any referrals they may have from family and friends and their own bank.  Best of luck to you!

I know that's difficult information to swallow, but there are many individuals in the same position as you.  There are a few options for you depending on your situation.  1.  You can sell the property at a loss and bring a check to closing...this option is the least favorite of everyone!2.  You can contact your lender and see if you qualify for a loan modification to get your payments/interest rate adjusted to stay in the home should you desire.3.  If you need to sell and do not have the money to bring to closing to make up the difference, a "short sale" may be an option for you.  This is when you negotiate with your lender to accept lower than what is owed.  However, you need to have a purchase agreement/buyer for your property.  Finding a realtor/broker who is experienced in short sales is a necessary if this option is taken.4.  See if renting out the property is a possiblity for you until the market improves and your loss not as great.

I would like to refresh or catch the listings before they expire... How many days on zillow before they are off the website