Posted by Wayne-NC on June 25, 2005 at 18:16:33:
I was in a similar situation with that decision but on a much smaller scale. Don’t jepardize your home. At closing you will be asked if any new debt has been taken on. A NO answer will be loan fraud if you are caught. No money down is still automatically owning $550K+ $50K or more and then some probably. Can you partner? What is the difference between tax accessment and actual market value in that area? That will help in your determination as well. Can you find a buyer for say $575K and flip a contract for purchase in the amount of $525K? Anything is possible.