I currently have a home that is 100% Loan to Value. It has lost a significant amount of the value i paid for it -- hence now a 100% LtV guesstimate.
I am able to comfortably make my payments as it stands, and have no financial hardship.
I'm looking to move out of my house, and back into rented accommodation. This in the medium term, as I'm considering relocation, and if not relocation a big change in my career -- moving back to rented accommodation would make these significantly easier, due to a lower commitment, and lighter cash flow.
As part of my consideration, I'm trying to ring fence my savings both medium and long term.
I have looked at:
- Straight refinancing: This would cost me somewhere around 5k, and wouldn't reduce my payments, and would incur PMI (lender pays my PMI today)
- Pouring savings in to get my LTV to a level where I get a better rate. Still incurs a PMI (don't have enough to get to 80% LTV)
- Lender, and govt modification programs. I don't qualify for these because of no financial hardship. (e.g. I can afford to pay for my mortgage, and my LTV isn't something crazy)
Both of these don't get me out of my home, or change my cashflow -- the end payments are maybe $100/mo better off.
Also, I've looked at:
- Selling my house. This would wipe out my savings given the guesstimate of 10% for all the various costs of selling. Note, I'm not looking to buy another home.
- Short-sale: Looking at the requirements for this, I don't qualify.
- Deed in lieu: Would be my most preferable option, but I don't have any of the qualifications for hardship etc.
- Renting my property out as a whole. but this would only cost ~55% of the out goings of the home (loan, HOA, property taxes)
Does anyone have any suggestions or advice that I may not have considered? Am I just being selfish, and it's a loan, and it's absolutely my problem that I'm completely unable to sell without taking out my life savings?