ST Alpha - "i have a question that highlights how stupid i am. i don't know how to research and you guys are smart. it's about mortgages." (Reading a Post)

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i have a question that highlights how stupid i am. i don't know how to research and you guys are smart. it's about mortgages.

Posted by kare (aka kare) Jul 29 '11, 16:15

is there such a thing as a mortgage that allows you to start out upside down?

as in, say we're 50k in the hole on our current house. say we have 40k to put down on a new house. we sell our current home buy the new home.

is there such a mortgage that would allow us to, say, both finance a new home and add on the additional debt from our old home?

Responses:

aren't you planning on paying out the loan for the first house off the selling price for that house? -- nm - Danedukenuuk Jul 29, 16:40 6
- Because of the housing bubble and crash, this is not possible in many parts of the country now. -- nm - psilotum Jul 29, 16:45 1
  - real estate agents is a difficult business now - Danedukenuuk Jul 29, 16:46
- She's 50k under water on her first house. -- nm - El Pollo Rojo Loco Jul 29, 16:42 3
  - *hypothetically* 50k. ;) -- nm - kare Jul 29, 16:43 2
    - Here is a GREAT tool to find out. -- (link) - El Pollo Rojo Loco Jul 29, 16:45
    - well if the next house in undefunded (have free value) - Danedukenuuk Jul 29, 16:44
the days of 110% home loans are dead -- nm - zeitgeist Jul 29, 16:24
Do you mean you are upside down in your current home and you are looking for a way to carry that to the new one? - Fuzzy Jul 29, 16:21 1
- yes, or looking to carry some of it. re: your IM - I wish! -- nm - kare Jul 29, 16:22
If there was I doubt there is now. It's really rigid at the moment. No bank wants to take a risk on default and losing money -- nm - El Pollo Rojo Loco Jul 29, 16:17 27
- Could you rent out your house, and then put the 40k toward a new one? -- nm - El Pollo Rojo Loco Jul 29, 16:18 26
  - that was the original plan but now that i'm not working consistently (and might not be for another year or so) - kare Jul 29, 16:20 25
    - Rent the old house and then rent a new house for y'all. -- nm - TFox Jul 29, 16:28 9
      - hmmm. -- nm - kare Jul 29, 16:29 8
        
        It would have a fair number of perks. Less maintenance, ability to make a change when needed... -- nm - TFox Jul 29, 16:31 7
        
        just looked at prices where we (well esp. i) would like to move and... damn. very high. -- nm - kare Jul 29, 16:35
        
        Does she still get to keep the mortgage deduction on her house if she isn't living in it? -- nm - El Pollo Rojo Loco Jul 29, 16:33 5
        
        No, it has to be your primary residence. -- nm - MojaveMeg Jul 29, 16:35 3
        
        so i guess the answer is: patience, grasshopper. sigh. -- nm - kare Jul 29, 16:37 1
        
        This! - El Pollo Rojo Loco Jul 29, 16:44
        
        Once you rent it becomes investment property and things like depreciation become deductible - against the rental income. -- nm - MojaveMeg Jul 29, 16:37
        
        You're asking a filthy renter questions above his pay grade. -- nm - TFox Jul 29, 16:35
    - I am in the same spot. My GF has a condo that is upside down. It's 1BR 650 Sqft - El Pollo Rojo Loco Jul 29, 16:22 14
      - but you're moving in together? that is awesome! -- nm - kare Jul 29, 16:28 1
        
        Thanks everyone. - El Pollo Rojo Loco Jul 29, 16:31
      - Congrats! -- nm - psilotum Jul 29, 16:28 2
        
        Mine is for knocking up your gf, btw. -- nm - psilotum Jul 29, 16:44 1
        
        What? We are just moving in together. Not going to have kids. She doesn't want kids. -- nm - El Pollo Rojo Loco Jul 29, 16:46
      - nmb redmond - JenBro Jul 29, 16:27 8
        
        That's massive for a 1BR, my 1BR was 30square m -- nm - Karl_S Jul 29, 17:03
        
        I thought ST new this already. I am helping my Dad get an apartment near us. -- nm - El Pollo Rojo Loco Jul 29, 16:29 6
        
        I knew about the moving-in together, hoped Dad would be settled somewhere. good on ya. :) - - b. Jul 29, 16:40 2
        
        b you always have the best advice ... and now you have me wondering if maybe I knew he was moving in but likewise wondered about his pops -- nm - JenBro Jul 29, 16:43
        
        Your advice is noted and I agree. -- nm - El Pollo Rojo Loco Jul 29, 16:42
        
        I didn't know either. Congrats! Best of luck! -- nm - Krusty Jul 29, 16:33
        
        oops - JenBro Jul 29, 16:31
        
        New=Knew. -- nm - El Pollo Rojo Loco Jul 29, 16:30

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i have a question that highlights how stupid i am. i don't know how to research and you guys are smart. it's about mortgages.

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