Do You Owe More On Your Home Than What It Is Worth? (Underwater Mortgage)

Do You Owe More On Your Home Than What It Is Worth? (Underwater Mortgage)

Thousands of homeowners across the country are falling behind on their mortgage payments. The industry calls it being “underwater.” That is, financially speaking, you are in a sinking ship. “It has been reported that 3 out of every 10 homeowner is late in their mortgage payment. The value of single family homes are falling, causing more “underwater” homeowners. You might say the bubble has popped.

You can’t list your home because there is no equity to pay a real estate commission. It may not qualify for an auction because you owe more than what an auction would bring. Don’t wait for the Obama administration to bail you out. It will never happen.

What are your options? A short sale, where the lender allows the home to be sold for less than what is currently owed, is certainly one option. And you don’t have to be behind in your payments to see if you qualify for a short sale.  Contact us for more information. There is no charge. Do it now as time is of the essence.

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