Where's the UPSIDE in Being Upside Down in Santa Monica?
Hey, how 'bout those Bears?! Yes, I am changing the subject because it's not so nice to be underwater on your home and right now the options are slim.
#1 - If you can still make the payments on your house, bite the bullet and continue to do so.
#2 - If you really need to get out and can cover your expenses with rental income? Great! Go for it.
#3 - Short sale (call me to discuss)*
#4 - Renegotiate your mortgage (good luck!)
REPAIR, REPLACE BUT DON'T REMODEL - Now is NOT
the time to put in the hot tub or new kitchen. However, if the toilet breaks, fix it. ***If you're in the middle of a remodel and you live in Santa Monica, this region has consistently returned a higher percentage of remodeling costs upon resale.
*I specialize in short sales so if you are thinking about this option and live in the Santa Monica area, please give me a call. I'll walk you through your options and give you all the information you need to make the best decision.
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