Can't Sell Your Home Because You Have and Upside Down Mortgage? We Buy Michigan Houses can Help. Contact us Immediately!
When the Market fluctuates, so do Property Values; as a result many homeowners find themselves trapped in an underwater mortgage
. Which means you owe more on your home than the market will allow financing for; as a result it will be very hard to sell it. An underwater mortgage occurs for many reasons, like refinancing your home just to see property values in your neighborhood fall the next year, or possibly getting a second loan on a property; either way owing more than market value is a hard spot to be in.
You end up feeling stuck because your options become very limited. Underwater mortgages could also lead to more serious problems down the road like foreclosure, short sales, or not having the ability to relocate if the situation arises.