Owe More Than House Is Worth And Want To Sell

Owe More Than House Is Worth And Want To Sell – Written by Ellen Chang Written by Ellen ChangArrow Right Contributing Writer Ellen Chang is a former contributor. Chang, his estate; The documentation of the purchase of the house and real estate was checked. His column appeared on CBS News; They have appeared in national business publications including Yahoo Finance and MSN Money. Ellen Chang

Edited by Suzanne De Vita Arrow Right Editor Edited by Suzanne De Vita Home Loans Suzanne De Vita Homebuyers; home owners He is a senior editor in the Homes and Tenants group, focusing on housing and housing for investors and tenants. Connect with Suzanne De Vita on LinkedIn. Connect with Suzanne De Vita on Linkedin. Email Suzanne De Vita

Owe More Than House Is Worth And Want To Sell

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Buying a home is a smart investment that allows you to build generational wealth by accumulating capital over time.

But if you buy when prices are high and home values ​​are declining, your home may lose value. You can get a mortgage loan that exceeds this amount.

“If you are underwater or underwater in your house, car or anything else, you owe more than the current value and you have a negative value,” said Greg McBride, senior financial analyst.

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Flat bottoms are less common today than during the Great Depression. During the 2008 housing crisis, most lenders offered homes for less than you paid. Housing markets can be unpredictable and interest rates can rise; Home values ​​may decline due to high foreclosure rates or natural disasters.

Underwater loans are common when home values ​​decline, says Texas-based Sugar Land. said Jackie Boies, senior director of partnerships at Money Management International, a nonprofit credit counseling organization.

Let’s say Jane bought a house for $300,000, made a down payment of $30,000, and borrowed $270,000. Two years later, Jane was unemployed but had a good job opportunity in another country. He had to sell his house and move, but the values ​​of the houses around him have dropped and he believes his house is worth $250,000 and he still owes $258,400 on his house. It is now underwater, or mortgaged upside down.

In addition to falling house prices; Homeowners can find themselves in this financial situation by purchasing homes with little or no debt, most or all of it, McBride says.

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“Even with a fixed home price, if you want to sell in the near future, be careful because the sale price may outweigh the small damages you will incur,” McBride said.

Another way to default is to take out a second mortgage for more than 100 percent of the home’s value or take out collateral that shortens the loan’s repayment period, said Holly Lott, the branch’s general manager. At Atlanta-based Silverton Mortgage.

Most borrowers can continue to make payments and “over time, they can pay off a larger balance and/or see the value of their home increase,” McBride says.

However, there are times when a homeowner needs to worry about the stability under the house. Contain:

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You need to assess the current value of your home to find out if you are underwater. You can use the home value estimator to get a ballpark estimate. To be sure, do a test at home. Once you know the amount, you can determine whether your loan is current. Mortgage statements can be used to determine whether.

Worst case scenario, you may decide to stay in your home and continue making payments to reduce the principal amount of your loan.

“Basically, you have to stay away from the market until the trend changes and goes up,” Lott said. “At this point, it may be more beneficial to make additional loan repayments while waiting for house prices to rise.”

If your credit is underwater, you may have several refinancing options, but you may be out of luck. Talk to several refinance lenders to see what you can do if something goes wrong. If your original loan was an FHA loan; You may be able to get a restructuring plan.

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Unfortunately, the Home Affordable Care Program (HARP) will expire in 2018 and the Fannie Mae High Loan-to-Value (LTV) program will be phased out.

You can also use the short sale route to avoid foreclosure and move to a less expensive apartment, McClary says.

In short sale; The borrower must agree to receive less than he or she owes on the loan, which puts him or her at risk of loss, Lott said. Lenders consider a short sale only as a last resort before foreclosure.

Another option is to forgo the loan – a move called “strategic default.” Actions such as a short sale or foreclosure can affect your chances of homeownership and credit. In short, this option puts you in a weak financial situation. If you leave, your lender may be responsible for repaying the loan.

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Homeowners should “seek advice from a HUD-approved housing counseling agency in these situations to help determine the best options for their situation and community,” McClary said. There may be another way to resolve your situation other than leaving the country; This is a last resort.

Finally, you can get permission to repossess your home. Meanwhile, the Lender got the house back and the owner paid off his debt and left, but the credit score was worse due to wear and tear.

These decisions have long-term consequences, Lott says. Bankruptcies and foreclosures can stay on your credit report for 10 years, limiting your ability to buy another home for years, just like with other options.

Learn how to overcome obstacles and find another way out of the situation. You may qualify for mortgage assistance.

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