Asked by Lisad78, Raleigh, NC • Mon Jul 19, 2010
We are both underwater. When looking at our finances, the best decision for us would be to consolidate into my home so we can pay off some lingering student loan and credit card debt before starting a family. His mortgage is more than double mine and is a much longer commute to both of our jobs. It looks like we would need to come to closing with about $10000 cash. We donâ€™t have this and we donâ€™t have any assets to tap. His house is not in a rentable area so that really isnâ€™t an option. The realtor doesnâ€™t think a short sale would be an option since we are healthy, employed, and making payments. We just wonâ€™t be able to handle two mortgages and obviously want to live in the same house. We would be able to stomach paying the difference over the next few months if thatâ€™s an option. Has anyone heard of a bank allowing that? What are the repercussions and what would be the best strategy to make this happen?
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