Do you owe more on your home than it is worth? Have you started hearing the term “upside down mortgage” or “underwater mortgage” looming around?
If you’re not sure what upside down in your mortgage means, simply put, it means that you owe more on your home than it is worth. This is also known as having negative equity.
The term alone can make you feel like your world has been turned upside down, but it hasn’t. First things first, determine if you actually are upside down in your mortgage.
How to Determine if You’re Upside Down in Your Mortgage
- Refer to your mortgage statement to determine how much is still owed on your mortgage loan. If you don’t have a statement available, reach out to the loan originator for a copy of your most recent statement.
- Hire an appraiser for a home valuation or refer to a licensed Realtor to obtain the current market value of your home. An appraiser will charge a fee to do a full assessment whereas a Realtor can give you market value for free. In other words, they will compare your home to homes in your area that have sold.
- Once you’ve received those numbers, determine if the amount you owe is less than the home appraisal or valuation amount. If the amount you owe is higher than the value of your home, you are upside-down in your mortgage.
What Are Your Options in an Upside Down Mortgage?
If you are facing an upside-down mortgage situation, you are not alone. Millions of Americans have faced the same situation and made it out alive.
Are you thinking about walking away?
Will selling your property be to your advantage?
Is refinancing a viable avenue to explore?
Are you able to stay put?
There’s one thing about real estate. It is an ever-changing market that could eventually turn around in your favor. It’s unpredictable to say the least but there are so many variables to consider when deciding what is best for your situation. A professional can go over your options and help devise a plan of action. Again, you’re not alone.
If you are feeling overwhelmed and looking for solutions to your upside down mortgage, Keller Home Solutions can help. We will help you determine the best course of action for your specific situation. If you choose to walk away, we can help with that too.
You won’t have to worry about making repairs, showings are not required, and there are no hefty agent commissions. Just CASH, in your hand in as little as seven days or whatever time frame you prefer. No one has to know what you are going through but you and your agent.
Finding an upside-down mortgage solution is what we do. When it comes time to answer those hard questions, we’re here to help.
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Tags: owe more than house is worth, under water mortgage, upside down mortgage