I posted about our situation a few months ago but there have been some changes and I’m hoping someone will be able to provide advice! Cross posted to r/finance as well. Here are the facts:
Partner and I purchased out home in 2018 for $465k
At the time had a combined income of $250k
Mortgaged the house for $440k (paying PMI etc)
Since we moved in, we’ve put in new hot water heater, furnace, septic tank and driveway.
Since that time, I lost my job and am working on starting a new business. On paper, I am not making any income- we are reliant on my husband’s income right now which is $110k
Under the Cares Act, we’ve put our mortgage into forbearance beginning in February. The Act allows this to happen without negatively affecting your credit. We’ve been paying into our escrow regardless. This is our last month on forbearance and also according to the ACT the arrearage can be paid over the course the several months, tacked onto the principle or paid in a lump sum.
The housing market has driven up the price of our house- without even getting another appraisal and according to zillow, by $100k- seriously. We could list the house for $550k right now and anticipate getting at least $600k.
The issue is we don’t want to sell. Our kids are in school and we’re invested in our community.
How can I use all or any of this to our advantage? I want to go back to paying monthly but there’s no way we can afford what we were paying- with the increase in the housing market, can we refinance under one income OR can anyone suggest anything that may be helpful? Some secrets of the industry?