I am upside down in my house and can not make my payments

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I am upside down in my house and can not make my payments

Due to a recalculation in my escrow my payment has increased to the point where I can not make my payments. I want to walk away but feel like there is no way. I owe $25,000.00 more than y house will appraise for.

Asked on May 22, 2009 under Real Estate Law, Florida

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

You can try to get a mortgage modification with your lender.  This might more than make-up for your escrow increase.  You may or may not get it but if you want to stay in your house it's worth a try.

You can also consider a bankruptcy but you didn't mention your overall financial situation.  This is a more drastic solution but if you have many other liabilities it may be for you .

There is also the possibility of a short sale or deed in lie of foreclosure.

Your best bet is to talk with a financial advisor and mull over your options.


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