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My house is underwater and I can't even refinance, what are my options?

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January 09 - Birmingham
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Maureen Francis _MI_

Birmingham, MI

Real Estate Agent

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Sorry I did not see this earlier.  A short sale is one of your options.  You put it on the market with a Realtor and submit a short sale package to the bank.  The bank decides if it will accept the offer.  Depending on the situation, you negotiate with the bank for them to forgive the shortfall.

Here is an article from my blog about short sales.  They are not uncommon in Birmingham these days.

If you are moving away a short sale is probably your best option.
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January 29
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5) get a roommate. It decreases your payment by the amount they pay in and you still have a place to live. (Usually 25-50% of mortgage in my experience - depending on the house, neighborhood, market, etc)
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January 09
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3) Rent it out. Chances are, the rent will not cover the total cost, so you still have to pay the difference
4) Short sale
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January 09
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You have two options 1) Continue to make your mortgage payments or 2) Default

Any other questions?
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January 09
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What are your goals? More info is needed on your situation to give you any valid feedback.
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January 09
 

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Question My house is underwater and I can't even refinance, what are my options?
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  • January 29
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