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Underwater With Your Home Mortgage?
Cutting Ties With Your Bad Mortgage
For those who owe more money than their home is worth, it is a tough, but increasingly common situation. If this is your situation, you will find that millions of others are in the same situation. According to report released in 2012 by LPS, nearly one fourth of home owners nationwide would discover that they have an underwater mortgage if they looked closely. With an unbalanced, upside-down mortgage loan, the situation often turns into mortgage default. More than 57% or mortgages that are in default are up-side-down. And more than 68% of mortgages that are in foreclosure have a position underwater. While this does not mean that all home owners who have mortgages that exceed the value of their homes will be found on a path heading for foreclosure – almost 20% of homeowners who remain current with mortgage payments also find themselves underwater with their values. Yet these statistics show that the situation holds these two conditions in relation to each other. The bottom line is that unless you want to continue paying significantly more than your home is worth, you are best advised to seek a solution to walk away or otherwise modify the mortgage in order to obtain the best long-term financial outcome for your mortgage.
If you are underwater with your mortgage, it can cause you to feel like you are trapped with your mortgage and cannot leave your home. You could wish you could simply walk away, yet given your high mortgage balance, you will not be able to sell the home for what you owe. Unless you want to bring money to the sale of your own home and pay to leave it, the prospect of bankruptcy can be explored as a tremendous opportunity for walking away if that is your desire. You could simply remain in the home and keep pouring your income into making your mortgage payments, but if you want to come out on top financially, the best decision would most likely involve leaving the home and eliminating the financial responsibility until you can get into a home again that is not up-side-down.
Bankruptcy Can Be A Solution For Under Water Mortgages
If your mortgage is upside down, hiring the Law Firm of Foreclosure Defense Attorney Richard Weaver will provide you with a way to skip foreclosure or to allow foreclosure without financial and legal consequences and get a fresh financial beginning.
Our law firm can help you walk away from the home if you choose to do so… all the while protecting you against being made to pay any deficiency on the mortgage balance.
If you would like to learn your best options and discuss with us regarding what your ideal course of legal action which would be best suited to your situation, call us to receive a free foreclosure evaluation today. We know that this type of situation can be incredibly stressful. The situation can feel like there is no way out and you might be confused about what is best for your situation. Rest assured, we’ll do our best to help you get the best outcome possible for your situation so that you can have the best and brightest future possible! By Pete Maughan.