How do I get out of an underwater mortgage?
My mortgage is currently underwater by over 23%. I like to get some ideas of what my options are to get out of this situation. I'm also option to the idea of relocating. My loans is not owned by Freddie Mac or Fannie Mae; so, I'm not eligible for the HARP program. So, please offer me some other options. Thanks in advance.
Asked By: Peruz - 2/20/2012
Best Answer - Chosen by Asker
Unfortunately, the easiest way out is to simply stop paying your mortgage... More
Answered By: Unca Alby - 2/20/2012
Additional Answers (5)
You have two options... More
Answered By: MCSHughes - 2/20/2012
You don't qualify for any of the 'save your house programs'? (which I would hope you would research extensively... More
Answered By: `RAWR` - 2/20/2012
Are you looking to just get out of the mortgage because you don't want to pay it any more...or do you have no choice (unemployed... More
Answered By: deb s - 2/20/2012
Short sale. This will ruin your credit. Do you want to get out of the house just b/c it's underwater? Or can you not afford it? IF it's only b/c it's underwater, then you wait it out. People giving up on their loans just b/c they are underwater is why the economy is still in the tank.
Answered By: the kid - 2/20/2012
Continue to make payments and it'll eventually not be underwater.
Answered By: Insurance Pickle.com - 2/20/2012
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