getting a home improvment lone,or staying were i am.?

Question

my interest on my morgage is really high, the house isnt worth what were paying for it. should we get a lone to fix it up to selland start over,or stay where we are and deal with the big payments?

Answer 1

Move and start over... Get credit reports for both of you and talk to a financial consultant to get your best options for receiving a good mortgage rate. The #1 thing you can do to help you financially is to fix your credit issues.

Answer 2

Can you sell the house for what you owe, and get any equity out at all to start over with, as a down payment on another house?

If you can refinance, that might help your high interest rate problem. If your credit isn't good enough to refinance, starting over won't help much since if you buy another house, you'd still have a high interest rate. Renting for awhile might be an option.

By the way, the responder who said that if you refinance, you have to wait 2 years to sell or pay capital gains taxes is wrong. You have to own the house for 2 of the 5 years before you sell, and live in it as your main home for 2 of the 5 years before you sell - then you get $250,000 gain free of tax, $500,000 if married filing joint. Financing situations have nothing to do with it.

Answer 3

refinance, interest rates are low now. Also, try to get enough money from the refiancing to fix up the house so that you will enjoy it while you are living there. FYI: if you refinance, you have to live in the house for 2 years before selling or you will have to pay Federal capital gain tax on any profit made from the house. If you do not fix the house up, you will not be able to sell the house for what it is worth.

Answer 4

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