There’s Hope For Homeowners Underwater
More than 20% of American homeowners owe more on their mortgage debt than they can sell their homes for, according to a recent industry report. The real estate Web site Zillow.com reported that 21.8% of all U.S. homes, representing more than 21 million residences, were in a “negative equity” position after prices dropped more than 14% nationally in the year ended March 31.
Whether you’re a homeowner or an investor, there are ways to get out of this mess before it bankrupts you. The first step is to arm yourself with full knowledge of all the alternatives available to you. You may be able to renegotiate loan terms with your bank, or short sell your home, or even rent the property out—just don’t wait until it’s too late.
How to Sell a House When It’s Worth Less Than the Mortgage explains all of your options, helps you pick the best one for your situation, and shows you how to get it done step by step.