How to Save Your ‘Underwater’ Home

Having your home go ‘underwater’ is somewhere that no homeowner wants to be. ‘Underwater’ refers to properties where more money is owed on the home than the property is actually worth. If you find that your property is ‘underwater’ there are a few steps to take help turn your home around.

Contact your lender as soon as your find yourself ‘underwater.’ Although traditional refinancing options may not be available, there are some assistance options for those homeowners with good credit.

Adjust your household budget to help make room for your mortgage. Even though eliminating unnecessary expenses may seem difficult, the extra money will go far in helping to pay off your home.

If possible, make an income off your home. If you have an extra bedroom or private space, such as a finished basement, rent it out. That extra income could help save you from possible foreclosure.

There are many government-backed assistance plans to help struggling homeowners. They offer refinancing options to qualified people to help them get a more affordable mortgage payment.

Contact the mortgage experts at Avis Lending if your home is ‘underwater.’ We are happy to help you.

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