Upside down! We want to move...

My_bad

Hello, we have lived in our home for14 years. But, we live in a beautiful house in a bad neighborhood , and we are upside down in our loan. We have excellent credit and a little money for a down pmt on a different home.
Can we mortgage another home and tell the lender we will be renting out our old home to qualify. ( my father said he wants to rent our house)
Also, if a we did purchase another home , and in a WORSE case scenario , we lost our renter and couldn't make the mortgage on the rental. If we had to could we do a short sale without any repercussion ???
Thank you in advance... We appreciate any advice we could get......:rotfl:

opinions4u

My_bad wrote: »

Hello, we have lived in our home for14 years. But, we live in a beautiful house in a bad neighborhood , and we are upside down in our loan.

Do yo mean negative equity?

We have excellent credit and a little money for a down pmt on a different home.

How much? And what purchase price!

Can we mortgage another home and tell the lender we will be renting out our old home to qualify. ( my father said he wants to rent our house)

If your lender will grant you consent to lease and somebody will let you take a mortgage on the new place, yes. Not an easy pair of hurdles though.

Also, if a we did purchase another home , and in a WORSE case scenario , we lost our renter and couldn't make the mortgage on the rental. If we had to could we do a short sale without any repercussion ???

Could you clear the negative equity?

Dave_Ham

In addition to the valid questions above, you need to give a better idea of how much deposit you could have on the new place, approx. purchase price, income/s and who your existing lender is.

This will give us a better idea of what your circumstances are and you are likely to receive better information.

dreamalittle

Judging by the time of posting and some of the phrases used, I suspect the OP is in the US (where negative equity is indeed known as being 'upside down' on your loan).

Dave_Ham

Good call - and the time of the post...

My_bad

Yes we are about 75,000 negative equity, we are looking for a house new at about 150,000 with 10,000 down. Our income is around 80,000 yr and our lender was recently sold from Bofa to Green tree. We have never been late on a pmt.
Any ideas?
Thank you ....

Trying_to_be_good

This is a UK forum, with brilliant help on UK and some European/ex-pat mortgage info, but I think you may need to post on a US forum for help with your query.

Our lenders are totally different to yours, even though some of our issues are the same!