Underwater on a Mortgage | What To Know
If you are underwater on your mortgage and don’t know what to do, this article is for you. Being underwater on a mortgage means that the amount owed on the loan exceeds the value of the property. This can happen due to a variety of reasons, such as home prices dropping or taking out a loan for more than what the home was worth. Understanding your situation and knowing your options can help you navigate this difficult financial situation.
There are two main options if you find yourself underwater on your mortgage: renegotiate with your lender or pursue a short sale. Renegotiating with your lender allows them to agree to reduce monthly payments or interest rates while still obtaining some payment from you in order to reduce their risk.
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