i would be surprised if any lender would write this loan given you are upside down on your existing mortgage.
i am sure u will hate hearing this (i know i would) but you really need to rethink your financial plan. you should consider 5 years before the housing market turn will enable you to get out from under your house (and quite possibly longer than that).
with bank interest no higher than 3% for the fastest of fast money
the 2800a month is working against you, not for u.
the reality is if your interest on loans and credit etc is higher than the interest you make on your savings you working against yourself.
i get it... u want a boat. i just dont hear anything that makes me think now is the right time to buy one.
in my experience, anything newer than 4 yrs old and older than 8 yrs old requires work. where is your boat maintenance
kitty coming from? are you looking for a floating condo when you cant sell the house you are currently in?
now that i am done ranting.
1st, find someone to rent your house while sales are in the head
, the rental market is strong.
2nd, work out what you need in a boat and start shopping
3rd, amend your saving plan. 1400 per month to the purchase
, 700 per to the current
mortgage and 700 to the boat maintenance
lenders and work on pre-qualifying for the boat loan
5th, REALLY think about if you want and can afford a 2nd mortgage
good luck (really... u r gonna need it)
-voice of reason