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Elizabeth Weintraub

How to Get Rid of an Underwater Home Without a Short Sale

By February 28, 2011

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In areas of the country where property values have fallen, a home is considered to be an underwater home if its unpaid mortgage balance exceeds the market value of that home.

Owning an underwater home is not necessarily a bad thing unless you want to sell or you can no longer afford to make the mortgage payments. Some sellers of underwater homes want to dump those homes simply because they owe more than the home is worth. As a standalone reason for a short sale, a drop in value it's not always a viable excuse for this type of distressed seller.

There are other options available that might be worth exploring . . . read more about disposing of an underwater home.

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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.

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