Advice Please!!
Here is our situation...
We are currently about $3,000 underwater in our house. We have been talking about getting another house because of the good housing market...and we are in desperate need of something larger. 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. The houses we are currently looking at buying are bank-owned and about $50,000 less than what we currently owe. So we think even with adding an additional $10,000-$12,000 loan we would still have a good investment.
Only thing we are trying to figure out is where to come up with the money to cover the negative equity/realtor costs. Is there a certain type of loan you can get? Possibly a low-interest credit card? We have good credit and have been pre-approved for a new mortgage if we are able to sell our house. We have also been told that adding this additional loan wouldn't affect our pre-approval.
Any help or advice would be greatly appreciated!
Thanks in advance!
