As home prices decline and mortgage rates remain high, many homeowners face the challenge of negative equity, where they owe more on their mortgage than their home is worth. This situation often occurs due to several factors, such as purchasing at peak prices, making minimal down payments, experiencing rapid interest rate changes, or maintaining a run-down property. Homeowners in this predicament may need to sell, and while it can be difficult, there are strategies to mitigate financial loss and transition to a better situation.
Negative equity, or being 'underwater' on your mortgage, is becoming more common as homeowners find themselves owing more than their home is currently worth.
If you're facing negative equity and need to sell, there are steps you can take to minimize financial fallout and move forward.
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