Can I bring an upside down mortgage right side up?
We are upside down on our mortgage and trying to sell. We are moving to a family house that we are buying for about 60% value, do not want to rent the old house and just want to be rid of the old house. After we sell, we could potentially be -30k. Will a bank give a bridge loan until we close on the new house and pull an equity to essentially move the balance? We can afford the mortgage and we have no intention to short sell or foreclose. We are willing to pay the balance, just not sure how since we don't have 30k floating around for our disposal but are willing to do it through a loan! Also, we have hardly a 10% debt to income and immaculate credit. What are our options?
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