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How to get out from underwater?

I bought at the top of the market in a rural Northern Michigan neighborhood.  A year ago, the house behind me forclosed and is listed for under $100k.  A house down the street just sold for $86k.  I owe $150k on my house, and although it's much nicer than the others, I am worried about how I'm going to be able to move this summer.  Please help!
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March 12 2011 - Williamsburg
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Answers (2)

Tracy is correct about the short sale option. Beware though that you will not be able to qualify for a new mortgage for 3 years, or more. 
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March 13 2011
The answer to your problem is to short sale your house.  This is a process of selling the house for less than what you owe (the lender agrees to accept less).  It's usually based on market value of the house today, and is quite common since the meltdown of the real estate market.  

I'm happy to refer you to a Michigan agent if needed.
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March 12 2011
 
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How to get out from underwater?
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March 13 2011 | 2 answers
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