How to purchase another home when you owe more on your present home than it would sell for. Have good credit?

Question

Purchased home for 229k now market value 170k? Nice home. Would leave with nothing! Are there programs avail for people in this situation? Have good credit.

Answer 1

Why do you want to purchase another home?  You need to clear up the situation you are in first.  Stay there & keep making the payments.  You can't afford to sell it at this time unless you only owe $170,000 or less.  Hopefully in a couple of years the market will turn around & you will get the value back up.  Hang in there.

Answer 2

The only way you can purchase another home is if your debt-to-income ratios supported owning both homes.  

There are millions of people in your boat, upside down on their mortgages.  When you bought your house, you never said that you'd pay if (and only if) the value of your house went up.  You paid your money and you took your chances.  Your chances included a gain or a loss.  You happened to get a loss.  If you had a huge gain, would you be looking to share it with your bank?  Would be looking for programs where you could share all the money you made?  No, of course not.  

The only way to get out of  your current loan without a ding on your credit is to come up with the difference before closing.  You can ask for a short sale or a deed-in-lieu of foreclosure, but both do serious damage to your credit and may not allow you to buy another house for quite some time.  

If you don't need to move, you shouldn't...

good luck!