Who do you know that owes more on their home than its worth and doesn't know what to do? Many professionals on this site and people you know fall into this catagory. There are four options on what to do next if this describes you.
Stay the course if you can keep paying until home values return(average is 10 years for values to return)
Loan Modification- 60% of loan mods end up back in default after 6-9 months, principle reduction is an urban legend.
Short Sale- Possible tax ramications, credit damage, leave your home with dignity, able to purchase a home again(FHA) in 2 years.
Foreclosure- Possible tax ramications, damaged credit and cannot buy a home again(FHA) for 5 years.
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