Today, owing more than a home’s current market value is common. In fact, according to a study by CoreLogic, 23.1% of all residential mortgages had negative equity in March 2011. That’s 11.1 million homes – and 11.1 million homeowners wondering what to do.
If you’re in that 23.1%, you do have choices, but which is the right one?
- Should you try for a loan modification?
- Should you keep making your current payments and hope for the best?
- Should you simply stop making payments, and walk away?
- Should you offer your home as a short sale?
Loan modifications have turned into a nightmare for many homeowners – as I’m sure you’ve read. Instead of helping 3 to 4 million families, only about 600,000 have actually gotten real modifications.…