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what do i owe on my mortgage

That is a HUGE question, and without much to go on.

At face value of the question, enjoy the roof over your head, and relax. The market will come back, faster in some places than others. As long as you don't "Have to Move", you'll be fine.

If you're rate is higher than you'd like, and think it's a good time to refinance, you're right. Call your mortgage broker or banker and discuss your options.

If you "Have to Move" due to a real hardship, not just a perceived one. There are options, including a Short Sale among others.

A shortsale will allow you to sell your home at todays market value, and hopefully your lender will not come after you for the difference. This does take a LOT of patience on your part, and work.

You'll have to produce a hardship letter, put your financial picture together along with

documentation to prove the hardship, and get a GREAT Short Sale agent.

I would only use a listing agent that has a TRACK RECORD of CLOSING their short sale listings.

I think I am the greatest agent of ALL time, but even I refer my short sale owners to Listing Agents that consistently close shortsales. I know enough to know that they are a LOT of work, and require a capable agent with patience and loyalty to get them done. You are a person, not some agents guinea pig to practice their first short sale on.

If you do "Have to Sell", for heaven's sake don't put it off. When the late notices are arriving, and the Sheriff is at your door. it's too late. Be honest with your agent, and execute their instructions as quickly as possible.

Hope this helps!

    April 08 2011

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