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R M Asked:

Hi - I have lived in my house for 3 years - I have a second mortgage. I had lost all my equity to pay bills when we got here - my house payment is killing me. We don't utilize all our space. How realistic is it that I can get another house when I'm upside down by about 20K. [Northglenn CO]



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Answer Provided by: Scott Young [09/17/2009]

Hi, If you are upside down by 20k, and you want to buy another home, you probably need to sell your current home first. I would want to speak with you and discuss your situation, have my appraiser/ realtor do a market analysis to determine a reasonable, attainable sales price for your home, then move from there. Have you been making your mortgage payments on time? This is a must, as decent credit, steady and verifiable income, and some down payment (depends on if you are a veteran or are buying in a rural area, whereby there are a couple of 100% programs available), are required to buy a home. You have a two step process here. The site says I cannot give you my contact information, so I guess you ask them for it? Thanks, Scott Young, Blue Sky Mortgage Group, Inc.