I just sold a home in MOTL for a couple in your exact circumstance. They are currently 3/4 through their new construction project in South Carolina which I helped them with. Anyway, there are a lot of questions that need to be asked before you can get a real grasp of what options are currently available to you. I have just completed a couple short sales and am currently working on a few more (unfortunately) although this may not be an option for you. You DO need to sit with a Realtor and discuss in detail what your options are. As far as a bridge loan goes, IF you could get one, you need equity in your home and if you are considering a short sale my guess is you have very liitle. Again, my suggestion is to sit down with a Realtor in your area and ask questions and listen to what he/she has to say. You can email me at email@example.com if you would like to talk to me. Good luck.
If I were sitting in your position, I would want to get a good handle on what the fair market value of my current home is by a qualified professional.
You need this and current payout from your lender.
The market is shifting and the current interest rates and government policies are very condusive to get buyers -especially 1st time buyers out in the market.
HOMES ARE SELLING!
I would be happy to offer you a free, no-obligation price opininion on your home. This would be step one. I know how to sell your home.
You can go to my website at http://www.CallRealtorJohn.com and click on the tab for "INSTANT HOME VALUE" and type in your address. Then you will see what recent sales in your area have generated.
If I can be of assistance to you, please call me at 440-487-2193, e-mail at firstname.lastname@example.org.
Hope to hear from you to assist you in your transaction.