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[quote=Anonymous][quote=Anonymous][quote=Anonymous]This is our situation as well.  We ended up renting our former home but we lose money every month.  We did not have the money to bring a check to the closing on that house and put a downpayment on our new house.  So we are hoping prices will rise at least a little in the next few years![/quote]

Please folks don't hold onto to money losing rentals in the hopes prices will recover. Some would argue the current recovery is based on Fed stimulus. Yesterday we saw a -1% GDP, showing we still have problems beyond the Feds abilities. Another quarter like that, hello Recession. It's fine if you live there and are underwater. But pouring more money and taking risk prices could drop again? Please don't. Look at short sale please. [/quote]

We did a short sale on our condo last year for this reason.  We both took about an 80 point hit to our credit but luckily have no need for it right now as we are in another home, have cars, open credit cards, etc.  Depending on how much you put down on a new home (we've been looking into moving out of state so have been reading up), lenders will give you another loan in 1-3 years... although there are ways around that if you had a job loss, etc.  You can be eligible for an FHA loan, I believe, if you have proof of loss of income leading up to the short sale.  That wasn't the case for us (rental was draining us, loss each month) but it was an extraordinarily quick process.  Our realtor had a seller interested before we even listed, offer made on the first day, accepted by banks within a few weeks and closed within two months of listing.[/quote]

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