Need Opinons

[00blackout]

Hello,

We purchased a home at the height of the market in 2006. Now we are upside by a 100k or more. We have been looking around and in our area you can purchase a house similar to ours for much much less. Does anyone know what the criteria is for purchasing a new home if you still have a current home? There is no way we would be able to sell our current home as we owe so much on it. Houses that sold for 500k originally have now been foreclosed on and sold for less than 300k. Any help or answers would be appreciated.

[Maurice Bedard]

You would need to be able to qualify for the payment on both home when the debt to income ratios are done.

It would help that ratio if you were able to rent out the home that you are unable to sell.

[Anthony24]

Let us know the outcome.... Thanks

[Newman]

Try talking to your bank, see if they are willing to agree to a short sale of the house, a LOT of banks are, you might be able to also.