What to do when you owe more than your home is worth
June 29th, 2009
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First off, my usual disclaimer…I am not an attorney and this is not intended to be legal advice or a legal opinion.
Dennis Norman
Now that we have that out of the way lets talk about options that may be available to you if you are one of the 20% of homeowners that a recent study says owes more on their mortgage than their homes are worth.
If you do find yourself in this situation fortunately today there are some options available worth considering:
- See if you qualify for the Making Home Affordable Loan Modification Plan. This program is for those homeowners that are struggling to make their payments, or may have even missed a payment or two, but could make their payments if the amount was reduced. To complete a short questionnaire and find out if you may be eligible for this click here.
- If you have an FHA loan you may wish to contact a HUD approved counseling agency to explore what options may be available to you.
- For an extensive list of resources that are available please see my post “Help for homeowners facing foreclosure“. Read more…
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