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Q: |
Can my home still be raffled if I owe more than it's appraisal value? |
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| A: |
This situation is commonly called being upside down on your mortgage.
There may be some light at the end of the tunnel for you. Considering the economic situation of our country, some lending institutions are allowing shortsales. If that is something that sounds possible to you and you think your mortgage company would go for it, then you should sign up to have your home considered for a raffle.
Here is a link that talks about some of the basics of a short sale.
http://homebuying.about.com/od/4closureshortsales/qt/112707_QualSS.htm
(Or you can just type "short sale" into your favorite search engine.)
The disadvantage to a home owner in your situation is that you will leave the home receiving absolutely nothing because there is no profit to the home. The big advantages are:
1. You get out of a home that was overpriced for your income.
2. You will be benefiting a nonprofit of your choice.
3. You can leave the home with your credit intact.
4. A lucky person will win a great home.
Lastly, with all of the money that just moved around in this situation, you just created you own localized stimulus package! This is exactly what our economy needs right now.
Remember, this only works if your bank is comfortable doing a short sale.
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