Need a bigger home, but underwater in my current home
March 11, 2010 11:27 AM Subscribe
Currently, at no fault of our own, we live in a 2 bedroom townhouse mortgaged for about 367, and now worth about 275. My wife and I despretly need a bigger home, with an expanding family(children). We have one, and probably gonna have another in the next year. What should we do? Please see explanation for our options as we see it.
posted by anonymous to Work & Money (55 answers total) 3 users marked this as a favorite
1. Short Sale - not sure my bank (Wells Fargo) will go for it, further, can't take a hit on my credit for my security clearance.
2. Rent and Rent - easiest option, but need to find a renter, and a place to rent...
3. Rent our home, and buy another - not sure anyone will lend me another mortgage.
4. Rent our home, and buy another with a cosignor - we might be able to do this, just not sure if banks will allow it... this is what we are leaning to....
5. Walk away - not an option b/c of security clearance