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Tony Asked:

My Wife and I moved in to a town house a year ago is it possible to sell it and get a larger house? What if the amount of the homes around the area are lower than what we were loaned for? Can we apply the difference to the new loan??? [phoenix AZ]



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Answer Provided by: Jacie Paulk [02/11/2008]

HI Tony, You will not be able to apply the difference of your current loan to a new loan on another house. If you really feel the need to sell your home at this time be prepared to pay the differece out of pocket or perhaps with a personal loan.