This is a question asked daily here in Las Vegas by so many underwater homeowners. Here are some topics covered in an article at MSN real estate
1. Stay & Pay
(may be an option if you can afford your payments, have a good job, want to stay in your Las Vegas home for the long run and you are willing to stay knowing your home may not even break even for many years to come)
2. Refinance
(may be an option for some, but for many here in Las Vegas even if you can refinance, you are still refinancing the whole debt so it may bring your payment down to a reasonable payment for you know, but you still typically owe the same as your original loan amount)
3. Loan Modification
(another possible solution for some this is where the lender of your mortgage gives you a new payment based on modifiying the terms of your old loan. Again, you typically may get a lower payment but are still left owing the original loan amount & if you do actually get a Las Vegas loan modification, it may only be temporary for a few years and then it adjust back to the old terms of your previous loan)
4. Short Sale
(another option for those who can’t qualify for any of the other options listed and they want to move, lost their job, divorce, etc and who want to avoid foreclosure and bankruptcy) (see our Las Vegas short sale info page)
5. Foreclosure
(if you walk away from the home and don’t make your payments, the bank will typically foreclose. Most financial advisors will tell you it is as bad as bankruptcy for your credit)
6. Bankruptcy
(according to their article: Filing for bankruptcy won’t erase mortgage debt. “What you’re doing in a bankruptcy is you’re trying to give yourself a reprieve,” Detweiler says. Eliminating other debts could free up money to cover your mortgage, and a Chapter 13 bankruptcy could allow you to catch up on payments for five years without interest. But it doesn’t allow you to stop paying the mortgage altogether. “In some areas of the country, you are able to wipe out a second loan that has become unsecured because the value of your property has dropped,” Detweiler says. “Unfortunately, our current bankruptcy codes let borrowers negotiate any kind of debt but mortgages.” )
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Las Vegas Real Estate Agent Reviews: 6 Ways to deal with an Underwater Mortgage -Should you stay or go?
