Deciding to take action when realizing you owe more on your house than it is worth can be hard to swallow. When you purchased your home it may have been a good deal on paper however the changing market in 2007 and beyond has left many homeowners underwater. Fortunately many people have been able to take advantage of the HARP program. It is a way for people who are underwater be able to refinance to lift some of the burden. Others maybe facing foreclosure or possibly short sale as a way out, harming their credit making it nearly impossible to get another loan on a home for some time. We were in the same predicament when the crash happened. We had two homes and were recently married. We decided to move into one home and rent the other out. As many of you know this is what a lot of people decided to do as a way to keep in good standing. Luckily with careful screening we have been able to get solid tenants. It was a great solution because it pays down the mortgage while giving someone a place to live. Now that the market seems to have gained some ground, we are starting to see our house value coming back to almost break even level. Since then we have turned to Real Estate investing as a way to help others out of sticky situations no matter what the condition of the house is in. In many cases we can close quickly with cash avoiding realtor fees and commissions. Saving the seller money while putting cash in their pockets. Underwater mortgage help and options are available depending on your situation.
