There are a few things that you can do! A lot of agents would recommend a short sale but it is hard to get approved for a loan once you go that route. I would suggest trying to rent your current property. The rental market is amazing right now and you can usually get close or at what you mortgage payment is. Our office offers property management, we show/list properties. If you need assistance or would like to discuss the information further, please give me a call. You have more options available than what most would advertise :)
Century 21 Northwest
520-483-2533 (Pinal county cell)
480-586-1721 (Maricopa count cell)
Office: 6630 W. Cactus Rd. Suite B-113
Glendale, AZ 85304
Please call me 623-688-0004 for more specifics,
Just to expand on what Mr. Garza mentioned, there are a few options you have. One would include renting or short selling your current home and then going into a lease purchase on a new home. This option would allow for you to move in and live in your new home until you have the ability to purchase again. It may or may not secure your purchase price, depending on how the contract is written. It would save you the trouble of having to move now and again in a few years.
I would be happy to run a quick market analysis of your current home to show you what others are renting for in your area. This will allow you to see if renting is even an option for you based on what your current mortgage payment is and what you could get per month as a rental. Feel free to email me your address and I can run this report right away.
Good luck with whatever you decide to do!
Arizona Realty ONE Group
If you short Sale you wont be able to buy a home again at least for 2 years.
If you go to foreclosure, worst.
If you live on the property, your family wont fit.
then, Rent it. You might not get the whole Mortgage payment but that could be better than have bad credit.
Anyway, you might not be able to buy another property because you are underwater and lately Lender are requestion to have equity on properties to buy another one.
Could your "Family moving in" apply for a Mortgage and be approved?
Maybe you dont need a larger home, you need another home for your Family moving in.