Upside Down Mortgage

upside down homeowners

Question: is there any help coming for us homeowners that are upside down in our mortgage?

we are on time with our mortgage payment but it`s just frustrating that housing prices are going down. we have a 30 yrs fixed mortgage.

Answer: Essentially if you are on time and still can afford the payments then you are viewed to be in ok shape. Even though house prices are down and you probably owe more on it, thats just the nature of the market and you are still committed to the loan. Now, many homeowners read the reports and watch the news and dread the statistics on the dropping prices. But, if you are not planning to sell your house, these figures should not mean anything to you. You bought the house to live in and you have to make payments on it; thats basically it. Right now there are no bail outs. People are forclosed on because they cant make payments. They are getting short sales because they cant afford it and could soon get foreclosed on. But they will take a large hit on their credit. If youre still on good shape, on time and still able to afford it, there wont be any "help" for you. That's the economy and these things just happen.

Short payoff home mortgage loan for upside down homeowners

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