An upside down mortgage is one where the balance remaining on the loan exceeds the value of a home. If you have an upside down mortgage, then you actually have negative equity in the property currently. First, it is important to understand the best way to handle this situation is usually to remain in the home for an extended period of time.
Warning. The drastic solution to get out of an upside-down mortgage is to submit to a voluntary foreclosure, where the bank takes the home back, or a short sale.
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Nontraditional mortgages-also called exotic or high-risk mortgages-can lead a homeowner into an upside-down mortgage situation or make it worse. Some mortgages allow interest-only payments for the first few years, which keeps payments low but doesn’t make a dent in the principal or build equity.
If you’re upside down on your home, it means you owe more on your loan than your home is worth. Another term for this is negative equity.Below is a quick reference guide for people in this situation.
If that is the case (and it very well could be), that means it’s time to get busy. With good credit, persistence and some shopping skills, you can still snag phenomenal deals this year to refinance a home loan – even if you are upside down on your home loan. Here are 10 tips for refinancing your mortgage. 10 tips for Refinancing a Home Loan
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The “upside-down” week was apparent within the REIT sector as the. while the more defensive residential reit sector dipped 2% on the week, the home furnishings and mortgage lending sectors jumped.
You probably are not as upside down on your mortgage as you were a year ago. If you have a 401(k) or other asset that can be used as collateral, consider using a loan against it to pay down your.
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Upside down homeowners have a hard time selling or refinancing their homes. If you sell the house for less than what you owe to the lender, you’ll probably have to pay the difference out of pocket. On the refinancing side, the lack of equity makes it hard to qualify for a mortgage refinance loan.