Posted on: 14th Oct, 2010 07:19 pm
We have outgrown our current home and wish to purchase a larger home for about $150,000. We purchased our home for $104,000 and it now appraises for $95,000 with the current economy. We owe more on our home then it is appraised for. Our credit is fairly good and we are never late on payments. Are there options for getting out from under our mortgage without killing our credit and a lot of out-of-pocket expenses?
Hi agalla!
Welcome to forums!
You will have to sell off the property and pay off the mortgage in full in order to get rid of your underwater property. If you do not pay off the dues in full, it will have a negative affect on your credit report and the lender can sue you in court.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You will have to sell off the property and pay off the mortgage in full in order to get rid of your underwater property. If you do not pay off the dues in full, it will have a negative affect on your credit report and the lender can sue you in court.
Feel free to ask if you've further queries.
Sussane