How to Get out from Being Underwater
How can borrowers get out from an underwater property? There are several approaches.
Rent the property for enough to cover the mortgage.
Sell the property in the open market and bring cash to closing to make up any mortgage short-fall.
Sell the property in the open market and get the lender to take a loss on the loan. This is a so-called “short sale.” Will lenders agree to a short sale? Not if they can help it.
If the home cannot be sold for more than the value of the debt, and if the owner cannot make monthly payments, then the end result is likely to be foreclosure and a home sold at discount.
Call Jacob Mitro @ 702-285-3444 to find out your options.