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Buy and Bail: A Solution to an Upside Down Mortgage?

http://www.greatrealtyusa.com Posted by pishnuke 73 days ago

It's hard to see your same exact home now on the market for HALF the price you paid for your home. It sure would be nice to have half the mortgage payment you have now for the same house!

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  • #1 | rating: 1 | I'd like to rate this comment.
       My Landlord is upside down on his mortgage as well but he put himself there after deciding to increase the value of his home instead of paying it off with life insurance money he got when one of his parents passed away.

    A few months back he got into a minor car accident that eventually started causing back pains. He had to stop working for just about three months and disability hardly covers food and utilities. Needless to say, he is now two months behind on his mortgage payment after refinancing his house twice since he got that nice lump sum of money.

    The insurance company is working on a settlement and he may get $30k - $40k out of the arrangement. After he does a little catching up financially he plans on buying another home. I will point this article out to him and see if he cannot take advantage of it. Two thumbs up for the article!

    John F. Jones III
    written by seo 70 days ago


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