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Upside Down on Your Home? – Here’s Your Playbook
I found this blog post to be a concise summary of a homewoners options.
In my home state of Minnesota, Minneapolis and Saint Paul have nearly 39 percent of homeowners under water. I've had the question, "I'm upside down on my home, what are my options?" so many times that I wanted to prepare a menu of options for people to reference. This article briefly outlines 9 potential solutions that may serve you well. The target audience here is not necessarily someone who's in default on their loan but simply one who owes more than the home is worth.
All too often, when one is upside down on their home and/or struggling with their mortgage, they reach out for one to three options that they may have heard about on the news or from a friend. What homeowners should be doing is seeking the advice of qualified real estate agents, real estate attorneys and a skilled loan officer. But, . . . before a homeowner picks up the phone, there's a lot of homework to do! Before one calls the professionals, they'll just be spinning their wheels until the following items are ready:
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