How to deal with an underwater home
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Charles is a Real Estate Investor of 25 years, a Real Estate Broker for 15 years while holding several degrees in management, an expert in the buying and selling of real estate, short sales and foreclosures. Whether you’re buying your first home, second home, vacation home, investing in rentals, a kiddies’ condo for college or your dream home, buying any home is an investment in the future and you owe it to yourself to have Charles’s expertise to buy right and make the right decisions for YOU. For over the phone evaluation and NO Obligation CALL NOW! you have OPTIONS, we have FACTS, let’s TALK
Nearly 11 million Homeowners are Underwater, which means they owe more on their mortgage than their property is worth. Below are some of your options for dealing with an underwater mortgage.
Wait It Out: If you are just depressed at the thought of owing more than it is worth today, but really don’t have any intentions of moving. Stop worrying about it. You have to live somewhere. Although short sales and foreclosures have brought down values, the housing market is slowly recovering, especially here in the Minneapolis, St Paul metro area. If you are able to continue to make payments – do it. It will save your credit score and keep your morale intact.
Refinance: If your loan is owned by Fannie Mae or Freddie Mac, and that loan was taken out before June2009, you have no late payments in the past six months and no more than one late payment in the past 12 months, you may qualify for the HARP – Home Affordable Refinance Program. If you have an FHA loan, or a VA loan, you may qualify for a FHA streamline refinance, or a VA IRRRL streamline refinance. Both of these program may not need an appraisal.
Short Sale: If you truly cannot pay your bills, or need to move, you may need to consider a short sale in order to avoid foreclosure. Work with an experienced short-sale Realtor to get the best offer. People do this everyday, so do not be afraid to check out this option.
Become a landlord: If you can make your payments, and simply want (or need) to move, a popular option is to turn the property into a rental. Being a landlord isn’t overly difficult. If you don’t want to deal with it, there are plenty of reliable rental companies that will take care of everything for you. There are special requirements for getting a new home mortgage loan when turning your existing home into a rental, so be sure to discuss this with a licensed mortgage professional, not just a bank application clerk.
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