Question on selling your home and buying one in this market when house is underwater?
I may be forced to move due to job reasons and have a question that I am sure is pretty common out there. We bought our home in 2007 for $ 273K. I have been told it would now sell at around 240K. We put down 5% and our current mortgage is for 250K We have never missed a mortgage payment and are financially stable. My question is, lets say we sell the house at 240K.
We now owe both real estate fees and 10K on the mortgage. Is there a way to carry over that 10K on our new mortgage and are banks real tight on lending to people now who cannot put down 20 or so percent? We will have no money to put down from our original home(we would actually lose money) Again, we are fine paying our mortgage now and are in our 30s. Earned more than 100K the last two years and new job would pay about 30K more.
Can I not move now do to the decline in housing? Am I stuck?
Any real estate professionals with advice?