Hello.

My wife and I currently own two houses. We bought both at the peak of the housing market, and now we have about 90K negative equity in the one we live in, and 80-90K in the one we are renting out. Between the two of us, we make 170K per year. We can afford both house payments, and have not missed any payments since we have owned both houses. I am trying to find a way to get rid of the one we are renting out, that doesn't involve a short sale, foreclosure, etc... We bought the house with a 80/20 interest only loan. So, for the past 4.5 years, we have been paying interest only, and have gone nowhere. Our rental income is about $500 less than our mortgage payment, and this doesn't include property taxes, flood insurance, home repairs, etc.. The house will probably need a new roof in the next year or two, and possibly a lot more work. Plus, we have had issues with getting good renters in the house.

Long story short: it is very stressful, and I'm willing to sell the house right away, and take the 80-90K loss on the house. The problem is, I don't have that money to bring to closing. I could bring 10-15K to closing, but that is it. And, with our upside down situation in our other house, we really don't have any collateral to offer up for a personal loan. We do have good credit though.

Does anyone know of any options to get a loan of this size? Depending on the interest rate, we can probably pay it back in 3 to 4 years(at the most). And, although I don't have much in collateral to offer, I could probably get my father to co-sign if needed.

Thanks for reading...