GUS

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Upside Down Mortgage

I'm in a upside mortgage situation. What options are available?

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mortgages

Posted 2009-08-22T13:04:57Z
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Tampa Small Business Computer Blog

Many people are upside down in the current market. Unless you are behind on payments don't worry about it. Housing is stabilizing and if you stay put, you will pay down your mortgage and gain equity that way. Long term, prices will inevitably rise, it will just take a while. If you are behind on payments contact your lender immediately and negotiate a loan modification. Lender can change the monthly payment or the interest rate or they may add past due payments to the end of the mortgage. If you don't ask then you don't get. Make sure you talk with the actual owner of the loan and not just some company that is servicing (collecting payments) the loan.

Posted 2009-08-22T13:40:21Z

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