Underwater Homeowners: What to Do About Your Mortgage
Discovering that you owe more on your mortgage than your home is worth can be unsettling, to say the least. It’s especially troubling if you were hoping to sell , refinance, or move soon. If you’re underwater on your mortgage, your best next step typically depends on four factors: How much you owe What your home could realistically sell for Whether you can comfortably make your mortgage payments Whether you need to move In this guide, we’ll explain what it means to have an underwater mortgage, how to calculate your potential shortfall, and the options you may have. We’ll also share insights from an experienced loan officer and a top real estate agent who have worked with homeowners in your situation. How Much Is Your Home Worth Now? Home values have rapidly increased in recent years. How much is your current home worth now? Get a ballpark estimate from HomeLight’s free Home Value E...