I might sell and buy another home. But I owe $30,000 more than my current home is worth. What is the best thing I should do

If you sell your current home and pay the $30K deficit at close, then you can go buy something else providing you qualify... if you don't have the $30K.. or you just don't want to, then you're not going to be able to sell your home unless you do a short sale.. The short sale will affect your credit negatively, so you will have to deal with that... waiting period in most cases is 3 years... you should contact a local real estate agent and consult with them... they can give you a more clear picture of what your options are.. WilliamAcres.com

My personal opinion would be to keep the home. However, if you are bound and determined to sell, you can do a shortsale and still qualify (some lenders may have different overlays), but the key is to make your payments on time all the way up until the closing. If you have any late mortgage payments within a 12 month period prior to the short sale, or are behind at the time of the short sale, you will not qualify for a 3 year period. Your new lender will need to order a detailed Verification of Mortgage from the current lender to verify that you were not in a distressed position at the time of the short sale. In addition, call someone local (a broker, not a bank) and make sure you can qualify before attempting to list your home, and tell them ALL of the details of the situation including the fact that you think it will be a short sale. As stated before, some brokers may have different overlays, so it is a must that you find a lender that will qualify you based upon a short sale with no late payments.