We want to move but are underwater.
We live in a house with a value of $68,000 and a mortgage of $98,000. No one will do a refinance because it does not qualify for government programs. We would like to move into something a little bigger and better. What are our options? by irried423 from , Georgia. Mar 5th 2015
Thomas Dasta (lendfm)
#31 ranked lender in Georgia - 59 contributions
You can call your current servicer to see if they would agree to take less that what is owed due to the current market in your area. Otherwise you could rent it until the value comes back. Feel free to contact me directly at 878-571-7433.
Jaime Avery (AHSTeam)
#20 ranked lender in Georgia - 3 contributions
If your current mortgage servicer is willing to take less for your home, then you can put it on the market and do a short sale if you're looking to let it go to move up. As stated by Thomas, you can also rent it out until the market has improved enough to met the value of your mortgage an depending on your debt to income ratio, you can purchase a new home during the process. You will have to already have a tenant paying you for the income to count. Please let me know if you need any assistance! We are a full service Real Estate Brokerage and can assist you through the process! You can contact me directly at (678) 913-9326
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