Underwater move-up strategies

REThink Real Estate
Published on Feb 11, 2010

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by CareyBot

Q: My wife and I live in a great loft that is now about $100,000 upside down. We're going to have a baby, and need a house. But we're thinking we'll either have to short-sale our loft or rent it out for awhile. We can't qualify for two mortgages, and we've been told that if we do a short sale, we won't be able to buy for another two years. Other than just renting, do you have any suggestions for how we can buy another home?

A: I understand your dilemma. As a Mom, I want to assure you that babies stay small and take up little space for about a year. Their accoutrements, however, can dwarf their little bodies. I've seen friends stuff 8-seater SUVs with the "fixings" for their 7-pound babies: it's easy to go overboard, and you'll find yourself using the same few ite