Why do you want to move or do you need to move because it costs too much to stay there.
Step one: Answer these questions.
Step two: Contact your mortgage company to see if they can help you.
Step three: Have the property appraised or have a comparative market analysis done by a professional realtor.
Step four: Review your options before doing anything. Then decide between selling, renting or possible short sale.
If I can help you, please feel free to give me a call. 860-916-2744
Are you interested in moving because you need more room? One option is to rent your property and buy another. Part of of your rental income would be used to determine what you can afford on your new property. Once you are pre-qualifed, before doing anything, make sure there are properties available that would satisfy your needs. Renting your current property and renting another should not be an option.
You know for sure your current property would sell for less than you mortgage? I can help if you like.
Esther Farr, GRI
Mortgage guidelines, especially as it relates to debt-to-income ratios, are set to experience sweeping changes this coming January. So if this is an issue you may want to act before then.
If you are OK with renting then this is a non-issue.
Don't get sucked in by some of these vultures who tell you how easy it is to do a short sale. While it may be an option, you can forget about purchasing a home anytime soon if you do that. Also, it WILL damage your credit.
You could try and sell the condo and just make up any shortfall yourself. That would suck to have to write a big check (which would likely include a 6% realtor commission on top of any shortfall) but it would put you in the clear to pursue a home that suits you better.
So you'll need to speak directly to a lender and realtor and provide further details to determine what your options are and to decide the best course of action.
Feel free to contact me with any financing questions.
Tony Grech | Mortgage Loan Originator | NMLS #977416
PMAC Lending Services, Inc.
Toll-free (855) 642-4762 ext. 278
Mobile (313) 622-7383