Upside down mortgage - WWYD?

[cschin4]

Did you already find another home you want? Or, are you going to sell yours now and then look? Or, are you buying on contigency? Since you have no other debt, money saved, and have looked at the cost with your preapproved loan rate it sounds like you are planning a move that will pretty much have you in the same financial position as before.
You don't have to explain why you want to move, that is your choice, but it is good practice on advise boards to just help people consider all of their options as it is helpful to think of every possibility. Many times the cheaper thing in life can be to simply stay put and do nothing, but also that can prevent us from moving ahead and moving on as well. I have moved, taken chances and calculated risks as well. I jumped off my own planks in starting my own business and took a chance and it worked out and has been great for me and my family. It could have failed as well. Sometimes experience is the best teacher.

[altjat37]

"Did you already find another home you want? Or, are you going to sell yours now and then look? Or, are you buying on contigency? Since you have no other debt, money saved, and have looked at the cost with your preapproved loan rate it sounds like you are planning a move that will pretty much have you in the same financial position as before.
You don't have to explain why you want to move, that is your choice, but it is good practice on advise boards to just help people consider all of their options as it is helpful to think of every possibility. Many times the cheaper thing in life can be to simply stay put and do nothing, but also that can prevent us from moving ahead and moving on as well. I have moved, taken chances and calculated risks as well. I jumped off my own planks in starting my own business and took a chance and it worked out and has been great for me and my family. It could have failed as well. Sometimes experience is the best teacher."

We've looked at several houses that would be great for us, in the same price range as we paid for our current house. We can't/won't purchase one until this house sells, but we may make an offer that's contingent... we'll see. Our house was just listed a week ago so we aren't in any rush, we'll just see what happens.

I do appreciate the opinions. We've gone over the option of staying in this house extensively.... we first considered selling this house over a year ago and after meeting with realtors, decided to wait a year and save up first - knowing we'd be taking a loss.

It seems there is no other option for "paying off" the balance on a mortgage, we will have to just bite the bullet and bring a big fat check to our closing I suppose.

[cschin4]

Yes, you will have to pay off the mortgage when you sell it. ANd, you need to anyway to close that chapter.

[snafu]

Best wishes, hope you're a successful seller. Interest demonstrated by realtors and buyers in the 1st three weeks of listing is crucial. Buyers will only be interested in recent sold comparables, condition of your house on viewing and effective negotiations. I hope you have a detailed marketing plan worked out with your agent.

[palmettogirl]

Originally Posted by altjat37

"Did you already find another home you want? Or, are you going to sell yours now and then look? Or, are you buying on contigency? Since you have no other debt, money saved, and have looked at the cost with your preapproved loan rate it sounds like you are planning a move that will pretty much have you in the same financial position as before.
You don't have to explain why you want to move, that is your choice, but it is good practice on advise boards to just help people consider all of their options as it is helpful to think of every possibility. Many times the cheaper thing in life can be to simply stay put and do nothing, but also that can prevent us from moving ahead and moving on as well. I have moved, taken chances and calculated risks as well. I jumped off my own planks in starting my own business and took a chance and it worked out and has been great for me and my family. It could have failed as well. Sometimes experience is the best teacher."

We've looked at several houses that would be great for us, in the same price range as we paid for our current house. We can't/won't purchase one until this house sells, but we may make an offer that's contingent... we'll see. Our house was just listed a week ago so we aren't in any rush, we'll just see what happens.

I do appreciate the opinions. We've gone over the option of staying in this house extensively.... we first considered selling this house over a year ago and after meeting with realtors, decided to wait a year and save up first - knowing we'd be taking a loss.

It seems there is no other option for "paying off" the balance on a mortgage, we will have to just bite the bullet and bring a big fat check to our closing I suppose.

How did it work out? Did you ever sell? I find this interesting b/c like many we are in similar situations. I felt sorry reading these posts that no one even attempted to offer advice for you except stay in your home(which you already stated wasn't an option). We too have to move b/c my husband is retiring and will most likely be working in another area. We have already been separated for 3 years b/c he got transfered with the military and we could not afford to sell the house since we were upside down. Also my daughter was in high school and I thought it would be better not to move her. I will be selling at a loss(judging by what other houses have sold for in the neighborhood). I could rent but that would not free up my VA loan plus I probably could not rent for equal to the mortgage. I'm currently paying extra to the mortgage to help pay it down before next year when the transition will come. With the job he will have there are only a few places he can move in his career field(nuclear power). His income will be good and I work too so we have no problem paying off a personal loan if we have to get one to close the house. I've already been waiting out the market 3 years so I'm not going to stay separated from him any longer. When he retires and moves to the new job then we will sell at a loss and move on... Lessons learned. All the other times we transferred, we made money...oh well.

[nick__45]

Men will always need a roof over our head so housing market will recover. Just take a look at your own situation, you want more space and will buy a bigger house even though you already have a house and it has served you alright thus far. Growing up poor, I lived in a 800-sqft house with 14 other people. Now I have 3500-sqft house for 4 people.

[maat55]

Personally, I would stay put until I could afford to make up the difference, retain a 3 months EF and pay 20% down on the new home.

I would likely look into a refy on the current loan to a 15 year note at a lower rate. This might speed up your equity.

[ceejay74]

I think they might be responding to the original poster without realizing your new question. Maybe you should start a new topic, since this OP doesn't seem to be answering.

I'm kind of curious too. I'm underwater and even though I keep paying down, seems like my place keeps losing value. Luckily we don't have to move now, but we want to find a way to get to another country and, if we found that way suddenly, we would have to decide the least-bad option for dealing with this place.

[dawnwes]

OP hasn't even been on the boards for almost a year.