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If you are underwater with your mortgage, how do you go about selling it?

Paid $255, now the Zestimate is $183..should we sell, refinance, short sell, walk away etc.  It decreased $1500 last month alone.  What should we do? 
  • May 21 2010 - US
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Answers (2)

Since your house is upside dowon, you can not refinance. You could contact your lender for a loan modification. But, if you decide to sell, contact a realtor and also contact your lender and inform them that you want to do a short sale. They will send you a short sale package. Also keep in mind that your lender will continue to find a way to get the mortgage payment as they will often remind you that they a debt collectors.
  • June 11 2010
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Wow you have posed a difficult question, outside of the value of the home is there a pressing family need that requires you to sell the home? If there is no need to sell the home then you shouldn't worry so much about the price. However if your job, family status and such have changed for the worse then you do have options from loan modification, to deed-in-lieu, to a short sale.
Which one is best for your particular circumstance? Only a knowledgeable professional well versed in these matters could help but be careful of slick salesmen who just learned about short sales 2 months ago and pitching you what's best for them and not you. All the best in your future endeavors.
  • May 26 2010
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