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My mortgage is "upside down." Now what?

I did the stupidest thing ever. Took out equity to buy a rental, and now they are both upside down. Now what? What are my choices? 

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May 17 2008 - Lathrop
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If you are able to make the payments and you are getting positive cash flow from the property, then I'd just wait the market out.   If you have had some financial changes where now you are having a difficult time making payments, then you need to contact your servicer and see if they can help you by modifying your loan.   If you are thinking of walking away or giving the property back to your bank, then I would recommend speaking with a real estate attorney and a CPA to make sure you are not protecting yourself from future judgments and tax liabilities.  Hope this helps some.
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October 20 2010
Talk with a Real Estate Attorney about your options.
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October 20 2010
Wow I really sneezed on that one.

That questions been lying around Zillow for 2 1/2 years!

Talk about dusty!
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October 20 2010
May not be as hopeful
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November 17 2010
 
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My mortgage is "upside down." Now what?
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November 17 2010 | 4 answers
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