Top Things for Underwater Homeowners to Consider When Their Equity is Gone

Some home owners have recently seen their equity disappear from decreased value - and some completely wiped out (where loan and lien amounts are more than property value).

Here are top things for underwater home owners to consider:

1.   Don't wait too long. Rebound from this down housing market is expected to be slow and takes lots of time.

2.   Your local market will determine value. Location of your property will determine how soon the market will recover and whether you will regain equity.

3.   Be realistic. True value of your home is what it's worth on the market now - now what you paid for it.

4.   Know facts about your negative equity. You need to know the facts and understand your legal status of possibly being under water on your mortgage.

5.   Look at your finances.  Mortgage rates are now down to historic low levels.   If you have good credit, you can possibly buy and lock in a 30-year fixed rate loan for less than four percent.

6.   Don't miss life experiences.   People with no equity in their homes who wait for better days - will probably miss out on life experiences while they struggle to hang on to something possible not attainable.

7.   Sell today and buy tomorrow in the same market.   When you sell in this low-price home value and selling market, you should gain it back while buying in the same market.

If you are underwater on your mortgage relative to home value at Orange County CA, contact us at 949-854-7747 for an appointment to discuss your options.

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Source of some information is "Home Prices Hitting Bottom. Now, the Bad News" - Wall Street Journal, July 15, 2012

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Posted via email from Explore OC Homes