1. Home purchased in 2006 by my wife and I for 185k. ?Home is a 3/2 1100sq ft duplex. ?This was at the peak of everything in Florida.
2. Wife and I were hourly workers at the time and had no downpayment and were recent college graduates. ?We wanted a home and could only get a 5/1 interest only ARM because of this. ?Bad decision looking back but oh well....
3. The idea was to fix the place up then sell before year 5; make a little profit and use that for our next home.
4. We now have one child with a second on the way. ?My wife is a stay at home mom and my salary has more than doubled so making the payments currently are not an issue.
Where we are stuck is we would like to move to a bigger home because of having 2 kids. ?We have no yard and have grown to dislike our current neighborhood.
Our loans are not Fannie Freddie so we do not qualify for any of that. ?While not official, zillow lists our "value" at 69k. ?A far cry from the 185 that we paid. ?2 homes on our street have sold recently for 61 and 59 respectively so that estimate I am sure is close. ?For a period of 2 years I was paying money towards principle and currently owe around 175k but have since stopped this extra amount.
Possibly my wife not working might show some hardship but again, my income has doubled so I am not sure on that. ?As of now we have never missed a payment.
I am really not sure what to do. ?We want to get into something bigger for our family. ?Selling, because of amount owed would be hard on us unless it is a short sale. ?Renting I suppose is an option but the amount we would receive would most likely not cover the mortgage and fees so we would have to cover that difference plus our new home. ?And we still do not have money for a downpayment.
Help?
?
Source: http://www.zillow.com/advice-thread/Modification-short-sale-refinance-advice/470904/
masters leaderboard frozen four joe avezzano kanye west theraflu joey votto the masters live mega millions winner
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.