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negative home equity

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Burf95 Joined: 07 Oct 2010 Posts: 1 1.24 Dollars($)	Posted: Thu Oct 07, 2010 10:04 pm    Post subject: negative home equity Like 0 Dislike 0 I have about $40,000 in negative equit in my home and must move to another state, what can I do to get out of my current house?
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Wed Apr 20, 2011 8:03 am    Post subject: Like 0 Dislike 0 Hi Burf95 , Welcome to Mortgage fit, In order to get out of this situation, there are only two options. 1. keep paying the mortgage and wait for the better days to come for real estate. 2.If you have some money in your kitty to pay-off each and every penny to the lender then just go for short-sale and you will be immediately relieved from the mortgage debt. 2.a. If you do not have enough money then foreclosure is one of the unavoidable option. 2.b If you can convince your lender then DIL foreclosure is also one of the good option,at least you are not liable to pay the deficient amount. 2.c Last resort is to file a bankruptcy.You can get the knowledge of all the options mentioned above, at our community forum right here. Feel free to ask any further query if you have.... DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris

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