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zhandra7 · Joined: 03 Sep 2008 Posts: 3 1.88 Dollars($)

I purchased a townhouse almost three years ago now when prices were very high. Now my family is expanding and I want to buy a single family home, but my delima is my townhouse is not worth what i purchased it for and i would end up owing if I was to sell now (if i could even do that with the market right now). I would like to know if there are any mortgage options for getting out of this loan if i plan on purchasing another home. IF THAT'S EVEN POSSIBLE, I'M CLUELESS, HELP. I hope u understand what i'm trying to say.

jameshogg · Posted: Wed Sep 03, 2008 11:57 pm Post subject:

Hi zhandra,

There may be loan programs for you considering that you have a good source of income and credit as well. As far as the townhome is concerned, you may consider renting it out by way of lease-to-purchase option. Using the rent payments, you'll be able to pay off the mortgage. What do you say?

Guest

Thanks for replying James. The amount I can probably get for renting my townhome will not completely cover my mortgage and i have a HOA fee of about $310.00/Month, this would probably run me about $500-600/month. I don't want to have to be responsible for this along with a new mortgage. Also I pay about $3,500/year for my taxes separately from my mortgage because i didn't want my mortgage to go over a certain amount. So I just want to get rid of this mortgage, it would be too much for me to take on an additional mortgage and how so much responsiblity to another at the same time.

Posted: Fri Sep 05, 2008 11:13 am Post subject:

jmiller you have told me how u can help me

zhandra7 · Joined: 03 Sep 2008 Posts: 3 1.88 Dollars($)

sorry the last two guest posts was me, i didn't log in. ANY HELP IS GREATLY APPRECIATED THANKS

zhandra7 · Joined: 03 Sep 2008 Posts: 3 1.88 Dollars($)

JamesHogg who do I talk to about the lease to own, would it be my mortgage company?

sara · Posted: Mon Sep 08, 2008 4:10 am Post subject:

Hi zhandra,

You need to talk to the mortgage company about the lease-to-purchase option.

take care

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HOW CAN I GET OUT OF MY CURRENT MORTGAGE IF MY HOUSE IS WORTH LESS THAN I PURCHASED IT FOR