Underwater [electronic resource] : Options When Your Mortgage Is Upside Down /
Lauer, Chris.author.
Just about every month, housing values in the U.S. fall. That, in turn, increases the number of people who owe more on their houses than they are worth—either trapping them in homes they may no longer want or putting them in danger of financial catastrophe if they lose a job or are otherwise unable to meet the mortgage. Underwater: Options When Your Mortgage Is Upside Down offers valuable advice to homeowners on ways they can unload a house they no longer want, save a home from foreclosure, or undergo foreclosure and start anew. The book offers smart advice from lawyers, bankers, real estate agents, personal finance experts, and homeowners who have seen the foreclosure process firsthand, as well as those who have been able to save their homes through loan modifications and other creative methods. Those faced with tough choices will find invaluable guidance to help them make well-informed decisions while managing the emotional fallout each brings. Many of the eleven million people in the U.S. now facing the “underwater” dilemma wonder: Is staying put the only option? What if I can’t pay the monthly mortgage bill? Can I save my home? Underwater: Options When Your Mortgage Is Upside Down outlines the options—when foreclosure is a good idea, how to best protect the equity you've built up, the financial repercussions of going into foreclosure, strategies for renegotiating a loan, taking advantage of government programs designed to keep you happily housed, and more. Veteran financial journalist Chris Lauer provides the facts, ideas, and advice that can help any underwater homeowner—especially those facing foreclosure—make smart decisions for a better future.
""Contents""; ""About the Author""; ""Acknowledgments""; ""Preface""; ""Hope on the Way""; ""Underwater Homes and Upside-Down Mortgages""; ""Mary in California""; ""Robert in New Jersey""; ""Lisa and Andy in Delaware""; ""Options for Underwater Homeowners""; ""The Real Estate Market and the Underwater Mortgage""; ""The Real Estate Crash""; ""When Did the Bubble Burst?""; ""Housing Market Crisis""; ""Housing Valuation""; ""Who Is to Blame for the Crash?""; ""Greenspan Was Not Alone""; ""Conclusion""; ""How Bad Is the Underwater Problem?""; ""Survey Results""
""22 Percent of Borrowers Underwater with 689 Billion in Negative Equity""""Data Highlights of 2012 CoreLogic Study""; ""A Foreclosure Crisis""; ""Conclusion""; ""Expert Advice on Your Underwater Mortgage""; ""Advice from an Underwater Homeowner""; ""Equity Frustration""; ""Mortgages Change Hands""; ""Trapped in an ARM""; ""Alternatives to an Appraisal""; ""Many Wait for Real Estate Market to Rise""; ""Five Strategic Steps for Underwater Homeowners""; ""Staying Financially Sound and Secure""; ""Conclusion""; ""Advice from a Real Estate Attorney""
""Youâ€?re Under Water: When to Contact a Real Estate Attorney""""Loan Modification""; ""Beware of Unscrupulous Loan Modification Companies!""; ""Short Sale""; ""Foreclosure: Strategic Default""; ""Shop Locally""; ""HARP: Better Than a Strategic Default""; ""Mortgage Brokers Can Help with HARP""; ""Options for Homeowners""; ""1. Refinance""; ""2. Modify Your Loan""; ""Complicated Maze of Paperwork""; ""There May Be Hope on the Horizon""; ""Pay off Your Mortgage Insurance""; ""3. Go For a Short Sale""; ""A Hit to Your Credit""; ""FICO Score Impacts""; ""Deficiency Judgment""
""Wait to Declare Bankruptcy""""4. Deed in Lieu of Foreclosure""; ""5. Foreclosure""; ""Be Strategic""; ""6. Bankruptcy""; ""What to Do If You Are Considering Bankruptcy""; ""Questions in a Bankruptcy Case""; ""7. Stay Put""; ""Stick with the Plan""; ""Long-Term Investing""; ""â€œItâ€?s Not the End of the Worldâ€?""; ""Conclusion""; ""Advice from a Real Estate Agent""; ""First Step: Pay a Visit to a Real Estate Agent""; ""Option 1: Modify Your Loan""; ""Are Loan Modifications Difficult to Get?""; ""The Making Home Affordable Program""; ""Option 2: Short Sale""
""Do Lenders Waive Deficiencies?""""Option 3: Deed in Lieu of Foreclosure""; ""Who Qualifies for Deed in Lieu?""; ""Be Patient!""; ""Consider Renting Back""; ""Option 4: Foreclosure""; ""Banks Do Not Want to Foreclose""; ""Are You Under Water, Too?""; ""You Must Transfer Ownership to the Lender""; ""Conclusion""; ""Advice from a Mortgage Broker""; ""Regaining a Foothold""; ""Back to the Past""; ""Writing on the Wall""; ""What Is a Subprime Loan?""; ""The Trouble with Stated Income Loans""; ""Plenty of Blame to Go Around""; ""Underwater Home Owners and HARP""
""Fannie Mae and Freddie Mac Hurdles""
"Smart solutions for homeowners on the verge of foreclosure or trapped in homes they no longer want"--Cover.
Includes bibliographical references and index.
Just about every month, housing values in the U.S. fall. That, in turn, increases the number of people who owe more on their houses than they are worth—either trapping them in homes they may no longer want or putting them in danger of financial catastrophe if they lose a job or are otherwise unable to meet the mortgage. Underwater: Options When Your Mortgage Is Upside Down offers valuable advice to homeowners on ways they can unload a house they no longer want, save a home from foreclosure, or undergo foreclosure and start anew. The book offers smart advice from lawyers, bankers, real estate agents, personal finance experts, and homeowners who have seen the foreclosure process firsthand, as well as those who have been able to save their homes through loan modifications and other creative methods. Those faced with tough choices will find invaluable guidance to help them make well-informed decisions while managing the emotional fallout each brings. Many of the eleven million people in the U.S. now facing the “underwater” dilemma wonder: Is staying put the only option? What if I can’t pay the monthly mortgage bill? Can I save my home? Underwater: Options When Your Mortgage Is Upside Down outlines the options—when foreclosure is a good idea, how to best protect the equity you've built up, the financial repercussions of going into foreclosure, strategies for renegotiating a loan, taking advantage of government programs designed to keep you happily housed, and more. Veteran financial journalist Chris Lauer provides the facts, ideas, and advice that can help any underwater homeowner—especially those facing foreclosure—make smart decisions for a better future.
Business.
Management science.
Business and Management, general.