3 Answers

I can`t see your problem except that you property is not worth what is oweing. You say you are not behind with payments so I would say ride it out, things have to turn around one day and you have to live somewhere.
If you were to walk away your mortagee would sell the house at auction and YOU would owe them the difference between what was oweing plus the auction sale costs less the amount that was realised at the sale. On your figures you are $100 thousand down in value now add another 10 thousand for mortagee sale cost, including advertising and you are in heaps of trouble.
The mortagee can sue you for the money, $110 thousand, you can`t pay you are declared bankrupt and you will NEVER get another housing loan at standard interest rates.
If payments are getting beyond you renegotiate or try another lender but I say ride it out if you can. Best of luck.

14 years ago. Rating: 1
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The value is probably more than the assessed value. Whatever the insurance company has it insured for is probably the actual value, not including land.
If you don't like paying for a home under water, you can always rent it out. You get tax breaks and can probably make money on the house, depending on your mortgage payments etc. A house with a good rental history is also worth more.

If you want to get out of the house and the mortgage, there are a couple things you can do. Call a HUD counselor to deal with the mortgage company for you, at no cost. They will provide other options, such as perhaps a short sale, where the mortgage company will accept how ever much you can sell the house for.

Quit paying on the mortgage. It will take about a year before you will have to move.

14 years ago. Rating: 1
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You can try to renegotiate with your bank
You can walk away

14 years ago. Rating: 1
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