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6 Apr 2010I’m underwater in my mortgage but still want to sell it and get into a nicer home. I’ve considered trying to do a lot of enhancements to our house but its generally just an average house. I don’t know that all the fix ups will pay off. Should we just get an appraisal and try to pay off the rest? Is there a way to roll leftovers into another loan?
Its interesting that people assume that we’re in “trouble” – we’re not. Simply, I’ve had a mortgage on a house for four years, the value of the house has dropped due to current economic conditions. Not unlike living in any other house my entire life and then getting bored with it and moving, I’m tired of this house. I just want a nicer bigger house and have done nothing to lower the value of our current home. I just want to sell it and move NOT because we’re underwater in it, it just happens to be a fact.
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2 Responses to How Can We Buy A Different House With An Underwater Mortgage?
Mr Premier
April 6th, 2010 at 5:11 am
yes, try and pay off the rest, otherwise you’re going to be completely under water
LuckyMom
April 6th, 2010 at 5:49 am
seems weird if you are in trouble now that you will be able to afford a nicer home. you will need to sell or pay off. You will not get a new loan while you are in this one, If you are in hardship because of interst rates I would suggest going to the bank for a modification. the other option is to see if they would agree to go into a short sale with you. this is a lot of work and may still leave you with a balance. this balance will be found when you apply for the new loan.