Zillow Advice: Mortgage - What is the best way to get out of an upside down mortgage on a 2nd home without hurting my credit? http://www.zillow.com/advice-thread/What-is-the-best-way-to-get-out-of-an-upside-down-mortgage-on-a-2nd-home-without-hurting-my-credit/375749/ Zillow Advice | Zillow Real Estate I'd sit tight and keep it ... http://www.zillow.com/advice-thread/What-is-the-best-way-to-get-out-of-an-upside-down-mortgage-on-a-2nd-home-without-hurting-my-credit/375749/ I'd sit tight and keep it rented. Prices are starting to climb in many cities...<br/>Otherwise, just write a check at closing. Fri, 26 Nov 2010 16:15:00 GMT http://www.zillow.com/advice-thread/What-is-the-best-way-to-get-out-of-an-upside-down-mortgage-on-a-2nd-home-without-hurting-my-credit/375749/ 2010-11-26T16:15:00Z Short sale would offer you ... http://www.zillow.com/advice-thread/What-is-the-best-way-to-get-out-of-an-upside-down-mortgage-on-a-2nd-home-without-hurting-my-credit/375749/ Short sale would offer you the the least costly solution to your finances &amp; least damaging to your credit. Consult an agent that has done many short sales with your specific lender on your 2nd home. Consider all the draw backs to a short sale and if it makes sense as a solution then do it. Values are not going up for another 10 years in most US markets. No one wants a leaky boat. Good Luck Tue, 23 Nov 2010 02:40:00 GMT http://www.zillow.com/advice-thread/What-is-the-best-way-to-get-out-of-an-upside-down-mortgage-on-a-2nd-home-without-hurting-my-credit/375749/ 2010-11-23T02:40:00Z There is no best way. Like ... http://www.zillow.com/advice-thread/What-is-the-best-way-to-get-out-of-an-upside-down-mortgage-on-a-2nd-home-without-hurting-my-credit/375749/ There is no best way. Like mentioned, the only way to do it without hurting your credit is to bring your checkbook and cut a check for the amount you're upside down. The other options (short sale, deed in lieu of foreclosure or foreclosure) ARE going to hurt your credit. There's no two ways about it. There are varying degrees of how bad it's going to hurt, but it'll hurt nonetheless. If you don't have the capital to make up the difference, continuing to rent the home is your best bet. Tue, 23 Nov 2010 02:16:00 GMT http://www.zillow.com/advice-thread/What-is-the-best-way-to-get-out-of-an-upside-down-mortgage-on-a-2nd-home-without-hurting-my-credit/375749/ 2010-11-23T02:16:00Z a possible thought might ... http://www.zillow.com/advice-thread/What-is-the-best-way-to-get-out-of-an-upside-down-mortgage-on-a-2nd-home-without-hurting-my-credit/375749/ a possible thought might be to owner finance it, or a lease option. <br/>&nbsp;i am owner financing one of my&nbsp;properties on a two year balloon amortized over 30 years. with enough down and helping somebody re estblish their credit it;'s a win win for both parties. thats a good deal when both people win.&nbsp; I would like to know more of the specifics and answer any more queations you may have.&nbsp; Good luck Tue, 23 Nov 2010 01:33:00 GMT http://www.zillow.com/advice-thread/What-is-the-best-way-to-get-out-of-an-upside-down-mortgage-on-a-2nd-home-without-hurting-my-credit/375749/ 2010-11-23T01:33:00Z Amazes me..."If you can't ... http://www.zillow.com/advice-thread/What-is-the-best-way-to-get-out-of-an-upside-down-mortgage-on-a-2nd-home-without-hurting-my-credit/375749/ Amazes me..."If you can't rent the property"..... Tue, 23 Nov 2010 01:07:00 GMT http://www.zillow.com/advice-thread/What-is-the-best-way-to-get-out-of-an-upside-down-mortgage-on-a-2nd-home-without-hurting-my-credit/375749/ 2010-11-23T01:07:00Z If you can't rent the propperty ... http://www.zillow.com/advice-thread/What-is-the-best-way-to-get-out-of-an-upside-down-mortgage-on-a-2nd-home-without-hurting-my-credit/375749/ If you can't rent the propperty or refinance it to a positive cash flow state them your only option is to short sell the property. Contact a competent short sale Broker and get it sold, make sure they negotiate for a satisfaction iof the mortgage, not just a release. Mon, 22 Nov 2010 23:22:00 GMT http://www.zillow.com/advice-thread/What-is-the-best-way-to-get-out-of-an-upside-down-mortgage-on-a-2nd-home-without-hurting-my-credit/375749/ 2010-11-22T23:22:00Z Not sure I understand your ... http://www.zillow.com/advice-thread/What-is-the-best-way-to-get-out-of-an-upside-down-mortgage-on-a-2nd-home-without-hurting-my-credit/375749/ Not sure I understand your problem....... unless you are forced to sell the property how are you upside down?&nbsp; In today's environment millions of homeowners may have a&nbsp; mortgage balance that exceeds current value, but that is not cause to resort to defaulting. For the really unfortunate owners that have suffered a job lose or&nbsp;serious health issues affecting income, they may not have any options but to pursue short sales, deed in lieu of foreclosure, or face foreclosure. For the others that qualify for a modification, that is a viable option. Short of ruining their credit for years, others may want to hang in there as markets do change. I occasionally read on this thread about someone mentioning that some markets may never come back, so why not just walk away.&nbsp; That seems to be reckless advice knowing the disasterous consequence that <strong>begin</strong> for <strong>someone else</strong> when first mortgage payment is missed...... my advice is to keep your tenant happy and hang in there.... Mon, 22 Nov 2010 23:04:00 GMT http://www.zillow.com/advice-thread/What-is-the-best-way-to-get-out-of-an-upside-down-mortgage-on-a-2nd-home-without-hurting-my-credit/375749/ 2010-11-22T23:04:00Z Then why suggest to try renting ... http://www.zillow.com/advice-thread/What-is-the-best-way-to-get-out-of-an-upside-down-mortgage-on-a-2nd-home-without-hurting-my-credit/375749/ Then why suggest to try renting a property that is rented? Mon, 22 Nov 2010 18:58:00 GMT http://www.zillow.com/advice-thread/What-is-the-best-way-to-get-out-of-an-upside-down-mortgage-on-a-2nd-home-without-hurting-my-credit/375749/ 2010-11-22T18:58:00Z Andrew: These are simply ... http://www.zillow.com/advice-thread/What-is-the-best-way-to-get-out-of-an-upside-down-mortgage-on-a-2nd-home-without-hurting-my-credit/375749/ Andrew: These are simply "big picture" answers/options, and yes&nbsp;I do read them... Mon, 22 Nov 2010 18:34:00 GMT http://www.zillow.com/advice-thread/What-is-the-best-way-to-get-out-of-an-upside-down-mortgage-on-a-2nd-home-without-hurting-my-credit/375749/ 2010-11-22T18:34:00Z "I am currently renting the ... http://www.zillow.com/advice-thread/What-is-the-best-way-to-get-out-of-an-upside-down-mortgage-on-a-2nd-home-without-hurting-my-credit/375749/ <p><br/><strong>"I am currently renting the Home"<br/><br/>1. "</strong>try renting the home " -Jim<br/>2. "Have you considered renting " -Clarence</p><p>Seriously do folks even read the Op's Question?<br/><br/>You will be hard pressed (I don't see how it would be possible)&nbsp;to find away other than bringing funds to closing to get out of the home without impacting your credit.</p> Mon, 22 Nov 2010 18:19:00 GMT http://www.zillow.com/advice-thread/What-is-the-best-way-to-get-out-of-an-upside-down-mortgage-on-a-2nd-home-without-hurting-my-credit/375749/ 2010-11-22T18:19:00Z