Help for those who are not in default on mortgage.?

June 22nd, 2009 | by admin |

Since the real estate market is not doing so well, houses in my neighborhood has decreased in value because of foreclosures and loss of jobs in the area. My dilemma is we are now upside down on our mortgage. We purchased about two years ago and the appraiser appraised the house at 200k. So that's what we paid the seller. Looking at the comps today my house only appraise at 169k a big difference and I'm wondering what can be done about it? We are not in default nor have we lost a job (thank God) however, I think we are being penalized for something we did not do. To sell my house, which I want to do, we would have to come out of pocket almost 40k. I don't know about anyone else, but we can't afford that. Any help out there? Thanks from Mississippi.

Research Short Sales. You will have to short sale the property, the bank eats the loss, not you.

  1. 5 Responses to “Help for those who are not in default on mortgage.?”

  2. By Landlord on Jun 23, 2009 | Reply

    Research Short Sales. You will have to short sale the property, the bank eats the loss, not you.
    References :

  3. By BNICKS on Jun 23, 2009 | Reply

    yup short sale … but that hits your credit pretty bad … if you can stick out the market until it turns back around
    References :

  4. By Daniel on Jun 23, 2009 | Reply

    heres some free advice STAY PUT !!!!!! The market will get better and that will take time and if you leave now you will definitely LOSE!!
    References :
    personal

  5. By godged on Jun 23, 2009 | Reply

    Some posters are talking out of school here. If you do a short sale, the lender may obligate you to sign a note where you repay any difference between what you owed and what the place sold for. You maay receive a tax form from the lender declaring the differance as income to you.

    The unfortunate side of the assistance is that it does not apply for people trying to do the right thing.
    References :
    Oregon Realtor

  6. By «♥» U R Loved «♥» on Jun 23, 2009 | Reply

    Nothing can be done,you are not considered "at risk",as the other answerer said,stay put until the market rises,then sell,no big deal here.
    References :

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