my house is underwater and i'm going through divorce. need options

i need to know if you are fannie or a freddie loan,, fha?? va?? linda yourloanpartnerforlife@live.com what do you owe on it??? i have also a person that can buy homes and rent to another , and if you are underwater, it all works out in the wash .

How is your credit? How much do your think it will cost to do the renovation? Your best bet maybe for you to take out a personal loan and use some swear equity( you, family, friends, etc...) do the work. Make sure that you pull all applicable permits, etc.... Talk to a community bank as they may have some type of personal loan that you may qualify for.

Hi Claude, You may want to look into the 203k FHA loan. Speak with a 203k lender in your area to see what options, if any, you may have. Here is a link to info from FHA's site: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203kabou

If your underwater, then there's really nothing you can do other than wait till the value goes up.. and although others here suggest you use FHA's 203K rehab loan, it's highly unlikely you would add enough value to surpass the expense of remodeling and on top of that add additional equity to put you in an positive position.. You can try renting the property until the value increases, but besides that, you would have to wait it out.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

If your loan backed by Fannie Mae or Freddie Mac? If so, you could potentially complete a HARP refinance to get property only in your name, lower your monthly payments and do some work before selling. If you have an FHA or VA loan, you can also complete a streamline refinance, which is great for underwater borrowers.

You would have to do some careful analysis but you may want to consider FHA 203k, which would let you borrow money to refinance and fix up the home, and the "improved value", or projected value with the repairs, would be used to determine the loan amount. You would want to compare the amount you owe now plus the cost of repairs vs. the projected value.

Hi Claude, as mentioned, there may be some options. However, you should speak to a real estate agent and then a contractor before doing anything like this. You indicate that you would fix it up and sell for a higher number... Well, depending on how far underwater you are, this may net you nothing except aggravation, time and cost. You need a realtor to let you know what it is worth now and what it would be worth after any repairs or renovations. Unless you are only a little underwater and will add substantial value with the work, it may not be worthwhile. (Just because you CAN do something, doesn't mean that you SHOULD...) I am happy to assist with any of these types of financing for you, but ONLY if it truly will make sense for you! Regards,Robert L. HansonGladewater National BankDirect: 240-752-7549 Cell: 301-651-7822Email: robertlh66@verizon.netNMLS# 695929If you like my answer, consider clicking on a "Thumbs Up"

Some good options presented by others. A 203k or other renovation loan would use an appraisal based on the value of the improved home. One advantage of a FHA 203k is that the loan would be assumable... Otherwise short sale or rent it may be options to consider.

Rent it, if you can stand the negative cash flow, or rent it with the option to buy, and let the renter do the fix up.