I owe more than my house is worth

(January 18, 2012) I owe more than my house is worth! If you find yourself in this situation, you are not alone. Across Florida many homeowners find themselves in the same situation. Falling home values over the past several years have resulted in property owners being upside down, owing more on their mortgage than their home is valued at in today's market.

Over the past 4 years I have seen homeowners simply walk away from their homes, which in my opinion may not always be the best solution. Others allow the home to be taken from them through the foreclosure process or by deed in lieu. Some, but very few as far as I can tell, have had their mortgages modified. The vast majority that I have encountered however, decide to short sale their home, selling it for less that what is owed with their lender's approval.

Short sale transactions are not to be used simply because your house is no longer worth what you paid for it. When faced with hard economic and personal situations though, short selling does offer a solution for both the homeowner and the lender.

Do you owe more than your house is worth? Are you behind on mortgage payments? Has your employment situation changed, and you need to move? You should consult with an attorney to discuss the best options for you. If short selling is the direction you decide to go, call me for a free consultation.

407-304-0255.