Do not rely on these numbers, you will need a very experienced are Realtor, and if you do not have one or know of one let us know here and we gladly recommend an experienced Realtor for you. It would
be good to also work with a Realtor who has had a lot of experience with short sales, as this may be
one of your options.....
Once you do a short sale, which requires various conditions and the acceptance from the lender to do so, and then there will be limitations on you to buy afterwards, So very careful, get all the information up front before making any kind of decision, not fully understanding the terms and what you can do thereafter.....
You may want to consider and discuss this option with your Realtor, could you rent your home, which of course depends on location, size and condition of home and for how much you would have to rent it, in order to cut even with your loan, insurance and taxes and maintenance....
At then you need before you take the first step make sure you do know what you want and can do thereafter.... As I am as protective of my clients as a mother hen, I would not recommend having
two mortgages, if you are even able to get the second one which I doubt ..... But of course you
could rent yourself, if your current home rents out for a significant enough monthly rent, considering
that it may not always be rented of course you could try to get a two year rental contact....
Then you rent what you can afford based on your current income, and you try to save down payment
and in the meantime hopefully the market in your area, which I cannot assess not being a Realtor from your area, will by then have improved, and you may be able to sell without owing money or not
too much to the lender at the closing ..... but to make any good decision you need to put all the
facts in writing in front of you, with the help of a trusted experienced Realtor and a local experienced
loan officer, providing you both with all the numbers.....
So seek the advice you need before making any decision. You are not alone in this situation....
Working always in the very BEST interest of her clients
@Properties Chicagoland, N and NW suburbs and the North Shore
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