What does "home underwater" mean?

Home underwater is a common problem for all mortgage payers who weren't able to settle their loans properly. When you say that your home is underwater, you need to find a way to settle everything to prevent foreclosure. In this situation, the amount of debt is more than the actual price of the house.

Home owners under this situation are pressured and stressed on what to do. Of course, the least thing that they want to happen is to lose their house without getting anything back.

How Can You Solve This Problem?

There are plenty of alternatives on how to save a home underwater. However, not everyone is aware of what to do. On the other hand, some have idea but they are afraid to take risks.

The most common way to solve this problem is through short selling. This is a process where the owner sells his house in an amount lower than the debt. By doing this, you can still get the money you used for down payment.

Another way is to apply for refinancing. If you feel that you can still win back your house, refinancing is a good option for you. There are different plans that will help you in your payment methods. If you have a VA loan, the government's IRRRL offers low interest rates. If your mortgage loan isn't a VA loan, then you may have options as long as your loan is a Fannie Mae or Freddie Mac.

There are other options that you can try if you want to save your home. To review your options or would like a FREE quote, an Omni Fund mortgage consultant can assist you at 866-955-4466