Renovate? Move? feeling stuck!

Credit and mortgage advice Forums Home Mortgage Renovate? Move? feeling stuck!

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      I am hoping someone can offer some direction to our situation.

      We bought our home in 2006. We love the location and overall floor plan, but knew when we bought it we’d want to add on to the heart of our living space: the kitchen, dining, family room area. We paid 180k ( was appraised at 186k at purchase). Currently owe $170 ish.

      Like most areas, housing values in Ohio have plummeted. has our home at $141k with range of $129k to $174k.

      We make a good living of $170k per year and little debt (monthly: $1225 mortgage, includes taxes, $85 student loan, $100 credit card; recently paid off car loans).

      I am desperate to have more space for our family. An additional 600 to 750 more sq ft would do it, before my kids grow up! Our kitchen and dining area combined is tiny. Don’t need anything fancy.

      Problem: how can we get a loan to pay for it with such negative equity? We don’t have cash reserves to pay ourselves. Are we better off moving, but would want to stay in our current town? Because we couldn’t sell, we’d have to come up with a chunk of change for a down payment on the second house and have enough reserves for the first mortgage. And we love our location. Are we crazy for even thinking about putting more money into a home that is so underwater? Any one out there with some advice or guidance? Your feedback is greatly appreciated.

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