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Need to move but my home is underwater, I have on time payments . Is there a way to get out?

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March 26 2009 - Apache Junction
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David, 

The link provided by Lisa is a great resource however the programs are designed to keep people in their current homes.  If you need to move your situation is different, your options are few.  You have the option of contacting someone like Lisa and finding out what your home may list/sell for based on recent comps in your area.  With this you can determine how much you would be underwater after a sale and either come in with the difference or if you cannot afford to come in with the difference you will need to contact your lender and talk to them about approving your home for a short sale.

You also have the option of renting out your current home as well depending on your mortgage payment and current rents for your area.  I would certainly call someone locally here in the East Valley and go over some of the options and address your concerns with each one.

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March 26 2009
I am assuming that you saying underwater means you are upside down in your loan. Being in the Mesa area myself I truly understand the dilemma you are in and I myself am in the same boat too. Have you checked in the new bill that was passed to help (link below)
http://www.financialstability.gov/

See if you can find any answers and call your mortgage lender. If I can be of any other assistance go ahead and contact me.
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March 26 2009
 
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