mortgage underwater options
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Underwater Home: What Should You Do if You Owe More on Your Home than It’s Worth? $15.17 Underwater on your home? Don’t know what to do? Let one of the the nation’s leading experts guide you to the right decision. In Underwater Home, Professor White addresses all your concerns and helps you work through the emotions and practical realities of being underwater on your home. He explains your options and gives you the facts that will empower you to make the best decision for your famil… |
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My Home is Worth What?! – Don’t Panic: 9 options for your Underwater Mortgage $9.95 ***Temporary Price Reduction, get your copy today, price will increase soon***5.0 out of 5 stars Great read!, January 23, 2012By Phil – “What a great tool. A must read for anyone with an underwater mortgage! I’ll be referring this book to everyone I know in this situation.”5.0 out of 5 stars Don’t stick your head in the sand, January 17, 2012By Thomas Wright (Minnesota) – “With a predicted 25 to 3… |
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How to Sell a House When It’s Worth Less Than the Mortgage: Options for Underwater Homeowners and Investors $6.88 Due to the wave of refinancing in recent years, and the fall in home values, in 2009 about 12 million homeowners and investors will be “underwater”–owing more than their property is worth. This book explains all the options for these homeowners who are trapped with houses they want to get free from, people whose property value has dropped so low that they can’t sell the property, people whose mor… |
Underwater Mortgage Foreclosure Options— Yes, You Have Them and Here’s What They Are
It can be rough finding out that you’ve gotten stuck with an underwater mortgage. For more than 20 years, Americans have been making housing decisions based on the advice of experts who told us that investing in our own house was the way to the American Dream.
Now, here we are with a house that’s not worth what the mortgage lender wants us to pay for it. And at the same time given our country’s current economy, many of us are out of a job or making way less money than we used to. Having our supposed retirement investment go south on us, too, just adds insult to injury!
But here’s something that your mortgage lender doesn’t want you to know—you do have options when you’re faced with an underwater mortgage. Far more options than you know! And you can survive this underwater mortgage and come out the other end of things with yourself, your family, and even most of your finances intact.
You just have to be willing to be a little ruthless and think of your house the way your mortgage lender thinks of it—as numbers on a piece of paper. Yes, we know this is hard. My wife, Kristin, has started specializing in helping clients with short sales. She gets to hold the hands of crying clients when she has to tell them that their memories and their hopes and dreams for their house don’t make it worth a penny more to a buyer.
We also know this is hard because we’ve been through it ourselves. But if you can’t think of your house and your mortgage as business ventures, your lender is going to have an emotional power over you, that’s hard to shake.
OK? So once you can see yourself in a situation that’s defined by numbers and logic, you’ve got some decisions to make. Does it make sense to ride out your underwater mortgage for a while longer and see if property values pick up enough to make staying worth your while? Or are you going to choose foreclosure now and save yourself tens of thousands, or even hundreds of thousands, of dollars that you could use for other things?
In our opinion, you shouldn’t look to rising property values to get your mortgage above water. We haven’t seen the worst of the housing crisis yet. One of the most popular mortgage products of the mid 2000’s—adjustable rate mortgages, or ARMs—are going to be “resetting” to much higher monthly payments very soon. That means there’s going to be another wave of foreclosures.
And another wave of foreclosures is going to mean more underwater mortgages. Many areas are dealing with a second decrease in property values, a “double-dip,” even as we’re writing this!
So take a look at the entire amount you’ll end up paying over the life of your mortgage if you decide to stick with it. Then look at the actual value of your house, and don’t count on that value appreciating at anywhere near the rate it did in the 1990s and early 2000s.
If you don’t like that figure—if that figure shocks and dismays you—it’s time to think of your other options. Foreclose or short sale your home.
An underwater mortgage can suck the life out of your financial future. Or you can start making plans to get out from under that mortgage and start your life over again. After Kristin and I made our decision, we were happily surprised at how easy it was to carry out!
About the Author
Bud and Kristin Gragg have over thirty years of Real Estate sales, investing, and development experience combined, they have just survived liquidating over 24 million in underwater investment Real Estate and their incredible story needs to be heard by millions right now. Go To: http://www.TheUnderwaterMortgage.com where you can get a FREE Special Report “Underwater Mortgage Secrets: What the Banks Don’t Want You to Know” Just for stopping by!! If you or anyone you know is Underwater in their home or any of their investment properties – the information on http://www.TheUnderwaterMortgage.com is an absolute must!
Bud and Kristin Gragg
The Underwater Mortgage
101 N Coloradro St Suite 2710
Chandler AZ 85225
480-497-5600
480-497-5600
mortgage underwater options Questions
Should I cash in my 403b to pay credit card debt?
I have approx 70K in credit card debt (9 cards) with interest rates from 0% to 9.9% (on a debt management program). I have 18K in a 403b which would be approx 12.5K when cashed. My house is underwater financially and the bills are overwhelming. I’ve renegotiated my mortgage payment and aside from bankruptcy or a new job with stellar income I don’t see that any other options are much good. Should I cash out and get my debt down a bit for some relief? Any better suggestions?
Hi, I am sorry to hear about the financial stress you are going through. I would suggest the Dave Ramsey book, “The Total Money Makeover”. It has helped my husband and I manage our debt and it has also taught us how to handle our money for the REST of our lives. We will never be in debt again after we are done paying everything off.
The book will teach you tools for life. It is an easy read. REALISTIC!! My husband absolutely HATES reading money books and this book he truly enjoyed and was encouraged to change our lifestyle to live within our means and pay off our debt.
Good Luck to you and Best Wishes!!
We are underwater on our mortgage by about $20,000. Are we stuck here until property values rise?
We bought our tiny house in the city 7 years ago; not only is our family growing, but the neighborhood is in decline. We are running out of space and I’d like to be able to get my kids into a better school system and safer neighborhood. Is our only option to pay off the balance on our mortgage AND come up with a 20% downpayment for our new house? We have no financial difficulties and excellent credit (which will probably work against us!).
Thanks so much for your thoughtful replies. I should clarify that we’re not planning on doing anything until spring of 2011. And while we have some savings, we don’t want to completely wipe ourselves out.
Rent this one out and buy one that you find more acceptable to live in.
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Underwater Home: What Should You Do if You Owe More on Your Home than It’s Worth? $15.17 Underwater on your home? Don’t know what to do? Let one of the the nation’s leading experts guide you to the right decision. In Underwater Home, Professor White addresses all your concerns and helps you work through the emotions and practical realities of being underwater on your home. He explains your options and gives you the facts that will empower you to make the best decision for your famil… |
|
|
My Home is Worth What?! – Don’t Panic: 9 options for your Underwater Mortgage $9.95 ***Temporary Price Reduction, get your copy today, price will increase soon***5.0 out of 5 stars Great read!, January 23, 2012By Phil – “What a great tool. A must read for anyone with an underwater mortgage! I’ll be referring this book to everyone I know in this situation.”5.0 out of 5 stars Don’t stick your head in the sand, January 17, 2012By Thomas Wright (Minnesota) – “With a predicted 25 to 3… |
|
|
How to Sell a House When It’s Worth Less Than the Mortgage: Options for Underwater Homeowners and Investors $6.88 Due to the wave of refinancing in recent years, and the fall in home values, in 2009 about 12 million homeowners and investors will be “underwater”–owing more than their property is worth. This book explains all the options for these homeowners who are trapped with houses they want to get free from, people whose property value has dropped so low that they can’t sell the property, people whose mor… |
