Property Underwater? You have 2 choices
Florida, California and Nevada fill up the top ten cities with negative equity, with 43.5% of homes being upside down in nearby Port St. Lucie.
You pay, you stay. You don’t pay, you will be foreclosed on and will be forced to move out.
Modifications are rare, and usually only done by community banks. Refinancing is not an option because you have no equity. You can’t sell your property, at least without the bank’s permission (short sale) and even under the best circumstances, this process can be a nightmare. You are not going to get “bailed out” by the government and don’t think that hiring an attorney to tell the mortgage company to produce the note is your ticket to a free ride. Paying a “stop foreclosure expert” is probably the biggest scam out there right now, you pay them a few thousand dollars to do absolutely nothing. You are better off wiring your money to Nigeria to collect your lottery winnings. All of these are just delaying the inevitable. You have to pay to play.
See full article in the Wall Street Journal.
House-Price-Drops-Leave-More-Underwater: Personal Finance News from Yahoo! Finance
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