When you have an upside down mortgage, you may be able to negotaite a short sale with the bank relatively painlessly.
In some states it is easier to negotiate a short sale with the bank that is doing the foreclosure but in other states it is harder. You need to check your state’s foreclosure law to see how lenient it is and how helpful it is to homeowners when they are upside down on their mortggaes.
In some states, homeonwers cannot just call the bank and discuss short sale options but in others it is possible and it is commonly done.
Leave a Reply