Homeowners experiencing an underwater mortgage are looking at their short selling options in the hopes of ridding themselves of a mortgage that is greater than the value of their home. Luckily, there are new options for those looking to sell their underwater home and be clear of a bad financial situation.
Lenders are offering more and more people the option of short selling their home because of governmental incentives that are given to banks that help homeowners with underwater mortgages. Many mortgages lenders were reluctant to offer short sales to homeowners, but banks are finding out that short selling a home is more beneficial than foreclosing especially since new incentives are being offered.
Underwater mortgages are a frustrating situation and many homeowners that have chosen not to walk away from their mortgage obligation are looking for a way out. Hopefully, these new short sale options are going to provide homeowners with the means to leave a home that has seen a sharp drop in value.
However, many caution homeowners that are short selling to be certain that their principal is forgiven if they agree to a short sale, otherwise they are still going to owe their lender money on a home they no longer own.