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11-05-2009, 11:29 AM #1
Fixer Upper
- Join Date
- Oct 2009
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- 32
Negatice equity loan vehicles?
My family is growing out of our current house and we have recently been checking our options;
Home info:
We originally paid 179.9k and we now owe 174k on the house (been in 2 1/2 yrs).
3 Bedroom, 2 bath. 2 beds on main floor, 1 non-egress in the basement.
The house is a 1952 renovated rancher with attached single car garage and 100% finished basement. 2000 sqft total, with 80% oak hardwood.
The house we want to upgrade to is in the 225k-260k range now.
Option 1: Sell the house in the range of 170-175k (base on realtor's market evaluation)
If we put the house on the market for 175k and sell it with the addition of the 7.5% closing costs, we will owe (175k-174k-(175k*0.075) or $12,125.
After selling my family would rent a 3 bedroom house or apartment for 6-12months and wait for the right house to purchase.
Dealing with negative equity on closing; what are my options for loan vehicles for that amount (let's say 20k). Worse case i get a unsecured personal loan, but those rates are through the roof (10%+). Does anyone have any other suggestions? Thanks,
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11-06-2009, 12:53 PM #2
Fixer Upper
- Join Date
- Oct 2009
- Posts
- 32
Any ideas, suggestions, or direction at all?
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