[Pacergirl]

I am trying to build a new house with CP Morgan. I have been approved and everything, I just have to sell my current house.

I tried to use the Guranteed Sale Program but they only offer 85-90% of your homes value therefore if I do that I will be upside down by approximately 10,000 with the offer that they gave me(due to the bad market).

I do not have that much cash to pay the difference. Is there any way that I could borrow extra money from my new mortgage and use it to pay the difference on the old since we will be closing on both houses at the same time or do I have to wait to do anything until I have saved the cash or the market improves?

[Joseph T]

I do not know how much you are putting down on the new house, it is usually 20%. Instead of a 20% down conventional mortgage, ask the lender for a 10-10-80 mortgage. 10% down, 10% short term second and 80% balance. This will free up 10% of your down payment, which you won't have to pay immediately, you are basically putting the 10% into a short term second mortgage. Hopefully, the 10% will cover the difference.