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 15 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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