https://ficoforums.myfico.com/t5/Mortgage-Loans/Negative-Equity-In-House/m-p/974058#M78568 <P>Advice Please!!</P><P>&nbsp;</P><P>Here is our situation...</P><P>We are currently about $3,000 underwater in our house.&nbsp; We have been talking about getting another house because of the good housing market...and we are in desperate need of something larger.&nbsp; Once we figured out the numbers after taking a loss on our house and paying the realtor fees we would need to come up with $10,000-$12,000.&nbsp; The houses we are currently looking at buying are bank-owned and about $50,000 less than what we currently owe.&nbsp; So we think even with adding an additional $10,000-$12,000 loan we would still have a good investment.</P><P>&nbsp;</P><P>Only thing we are trying to figure out is where to come up with the money to cover the negative equity/realtor costs.&nbsp; Is there a certain type of loan you can get?&nbsp; Possibly a low-interest credit card?&nbsp; We have good credit and have been pre-approved for a new mortgage if we are able to sell our house.&nbsp; We have also been told that adding this additional loan wouldn't affect our pre-approval.</P><P>&nbsp;</P><P>Any help or advice would be greatly appreciated!</P><P>&nbsp;</P><P>Thanks in advance!</P> Wed, 13 Jul 2011 19:45:50 GMT Anonymous 2011-07-13T19:45:50Z https://ficoforums.myfico.com/t5/Mortgage-Loans/Negative-Equity-In-House/m-p/974058#M78568 <P>Advice Please!!</P><P>&nbsp;</P><P>Here is our situation...</P><P>We are currently about $3,000 underwater in our house.&nbsp; We have been talking about getting another house because of the good housing market...and we are in desperate need of something larger.&nbsp; Once we figured out the numbers after taking a loss on our house and paying the realtor fees we would need to come up with $10,000-$12,000.&nbsp; The houses we are currently looking at buying are bank-owned and about $50,000 less than what we currently owe.&nbsp; So we think even with adding an additional $10,000-$12,000 loan we would still have a good investment.</P><P>&nbsp;</P><P>Only thing we are trying to figure out is where to come up with the money to cover the negative equity/realtor costs.&nbsp; Is there a certain type of loan you can get?&nbsp; Possibly a low-interest credit card?&nbsp; We have good credit and have been pre-approved for a new mortgage if we are able to sell our house.&nbsp; We have also been told that adding this additional loan wouldn't affect our pre-approval.</P><P>&nbsp;</P><P>Any help or advice would be greatly appreciated!</P><P>&nbsp;</P><P>Thanks in advance!</P> Wed, 13 Jul 2011 19:45:50 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/Negative-Equity-In-House/m-p/974058#M78568 Anonymous 2011-07-13T19:45:50Z https://ficoforums.myfico.com/t5/Mortgage-Loans/Negative-Equity-In-House/m-p/974626#M78604 <P>You'd need to take out personal loans and/or credit cards, but if you take out debt on credit cards your scores will likely take a hit.</P> Thu, 14 Jul 2011 07:31:18 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/Negative-Equity-In-House/m-p/974626#M78604 ShanetheMortgageMan 2011-07-14T07:31:18Z