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How do I find out if my home has a upside down mortgage

we took a second mortgage out in 2006 at a high interest rate, we cannot seem to get it down, we are in a chapter 13, seniors and we think the home is upside down since we paid $146.000 and are told it is worth less now, even though in 2006 an appraisal was done and it was worth $184.000. our first mortgage is good and at a decent interest rate. what can we do???? thanks.
  • October 04 2013 - Ladson
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Answers (4)

I would contact a local real estate agent to have them give you a valuation of what the home is worth.

More importantly, I'd contact a Real Estate Attorney to see what your options are in this situation! 
  • October 09 2013
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If you're looking to sell your home, a real estate agent who specializes in short sales should be able to help get your started.  If you're undergoing a Chapter 13, then simply refinancing for a lower rate/payment is probably not an option.  However, it's certainly worth checking with your current mortgage holder or another bank to see if this is an option.  Feel free to browse my website[Hotlink removed by Zillow moderator. Please seeour  Good Neighbor Policy for information.] An agent will be able to give you a better estimate of value, but hopefully this can at least give you an idea for what's out there right now!
  • October 09 2013
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First have a Realtor give you an up to date valuation.
  • October 04 2013
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Short sale is one option.  But I'd contact a local Realtor to find out the value of the house first.
  • October 04 2013
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