Need advice on selling ot staying put.

The market is at the bottom, so your property value should start improving... if you hang in there, it's possible you will be in a position to sell without having to come out of pocket.. I would not recommend doing a short sale, as that would hurt your credit and eliminate the possibility of another mortgage within the next 3 years... you could buy and rent out your current home, however you would need to show enough income to pay for both mortgage payments.. and you have an FHA mortgage now, you would have to purchase the new home with conventional financing and put more cash down....The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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. 480-287-5714 WilliamAcres.com

good advice from below. also , if you are upside down , or they call it underwater homes, and by your email you are, i can put you in a harp loan, with a rate, depends on your fico scores , from 4.25% to 4.875% , and there are factors that depend email me at yourloanpartnerforlife@live.com with your address, do not post it on here, and give me a idea about your income, credit ,etc .. linda

You have to live somewhere... You might as well be happy! You have a little equity - after selling you will have enough to purchase something else with a small down payment. You will not get top dollar for your home, but that is OK as you will not pay top dollar for the next home. Do what makes you happy!

I suggest looking at this from a worse-case scenario viewpoint - what if my home's value doesn't appreciate in the forseeable future? There is no guaranty that you are at the bottom of the market, or that values should start rising soon. Knowing that, what decision would you make today? Stay in the home and improve it? Sell it, take your loss and find a home you like more? I'm with Joe below. I'd worry less about what you can't control - what someone else may be willing to pay for your home in the future - and more about what you can control - having your housing dollars pay for a home you enjoy. If your decision is to sell, make sure you consider all your options, which include covering 100% of the loss yourself or asking your bank to participate in the loss (short-sale). There is no perfect solution - any option will have an impact on your future financial position so make sure you get good advice.

Looks like you may want to stay in your home a little longer. Just be careful not to OVER improve the property, you want to have a certain quality of living while you live in home, but be careful not to go too high end on fixtures, appliances, etc.. as most buyers in a couple of years won't recognize the value of that high end fixture. You don't want to do a short sale because it will take you three years to rebuild credit and then you may have to go with FHA which could cost slightly more in fees for closing costs than going conventional. If you sell and try to break even, you still may need to pay a broker fee unless you can sell by owner which is very tough in this market. If you go with a management company and rent, you may be subject to capital gains if you rent for more than two years, and/or may want to check with your accountant on that. Overall, it would cost you more for your next home if you calculate the costs of selling your current home. Another idea if you are up to it, is to invest the 12k into a rental property. If you hire the right management company, etc just be careful on who you hire and rent to as being a landlord is not for everyone, but would give you a higher return in tax breaks and monthly income.Hope that helps, Feel free to email or call anytime if you need any further or future advise! Best Wishes,Peter CostaEasy Apps Mortgage, Inc.Direct: 617.290.2795 Toll Free: 888.441.EASY (3279)