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My mortgage is upside down, should i just sell it?

im about $50,000 upside down by michellebeamer009... from Hayden, Indiana. Mar 16th 2015 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

No one can advise you properly without knowing all the details of your particular scenario.. If your ok staying put, but are wanting a lower payment, then there are refinance options where an appraisal would not be necessary.. we would need to know the type of loan you have now to tell you how to go about it.. If your looking to move and purchase another home, then you would need to sell and pay out of pocket the negative amount to satisfy your existing loan.. You can also rent out your home and let the tenants pay the mortgage, but if you wish to purchase right away, you would need to qualify for both housing payments and no consideration would be given for potential rental income since you don't have the minimum required 30% equity.. You could also do a short sale, but this is not a good option if your looking to purchase right after.. again, so much more info is necessary to address your scenario directly. 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

Mar 16th 2015
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,247 contributions

Sellng either means trying to get a short sale approved or bringing cash to closing. short sale means you can't buy another for several years. If it is eligible, I can help look at HARP loan options for you. Another year or two might even it out

Mar 17th 2015
Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,112 contributions

You should talk with a local Realtor and loan officer and find out what your options are after they review your information. You may even be eligible to do a Streamline or HARP refinance? Maybe a short sale is an option? However, the only way to know for sure is to talk with some local experts, share your info with them so they can present you with your available options. Best wishes, Sean

Mar 17th 2015
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