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what can i do now that the market is down my mortgage is upside down

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January 26 2011 - Oviedo
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What are your immediate plans?  To relocate? To sell? To refinance? To stay in the home and enjoy it?  Being upside down is not an immediate problem.  Only if you plan to sell or refinance, does "being upside down" come into play. 

Depending on the type of loan you have, ie:  FHA, VA, or conventional, will dictate if you have the ability to refinance!   On the other hand, if you are trying to sell, then your options may be to work a short pay-off with the lender(s) (or what is referred to as a short sale).  Then legal and tax implications come into play.

If there are NO issues with having to move, sell, or having to refinance, then your best option is to stay in the home, make your payments, and enjoy the benefits of home ownership.

Hope this info is helpful!
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January 26 2011
 
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