Harold Sharpe

Upside Down  Harold Sharpe

(951) 821-8211

Harold Sharpe is the owner of
So Cal Homes Realty

Harold Sharpe is a Licensed
Real Estate Agent,
since 2001.

Harold Sharpe is a
Licensed Real Estate Broker
since 2005.

Harold Sharpe specializes in
Selling Houses, and
Finding homes
for people.

So Cal Homes Realty is the
Real Estate Brokerage to assist
you in Buying a Home
or Selling a House.

Feel Free to call Harold at
(951) 821-8211

DRE LIC #01312992

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Upside Down Home Mortgage

Upside Down

Options you may have when You are upside down on your home mortgage.

I'm Upside Down In My Home What can I do?
Contact a Real Estate Attorney and a CPA.

You have several options when you are upside down in your home.
1. Loan Modification 6. Foreclosure
2. Stick it Out 7. Bankruptcy
3. Short Sale 8. Reinstatement
4. Deed In Lieu 9. Forbearance or Repayment Plan
5. Refinance 10. Rent the Property

Upside Down Mortgage Option 1. Loan Modification

Odds are very much against you but it should be tried. If you do try hard you may be successful. Keep in mind In CALIFORNIA you do not have to pay up front fees this is now illegal since 10-07-09. FYI odds of being successful
are 4% .

Upside Down Mortgage Option 2. Stick it Out

If you can afford to stay in your home, stick it out and hang in there is what
2 out of 3 people are doing. Housing has always gone up and down in
California and it may be 10 or 20 years before we top out again. Keep in
mind you bought the house cause you wanted to live there.

Upside Down Mortgage Option 3. Short Sale

A Short Sale is when the lender accepts lees than the loan is as a settlement
on the loan. FYI, approximately 12 - 20% are successful of getting out from under their loans. You still haven't lost if you don't sell. Patience is the key here. Your Real Estate Agent will take most of the frustration on this one.
See more info on Selling a Short Sale. A great way to SAVE YOUR CREDIT for
the most part. Damage is minimal considering your lender took back your house.

Upside Down Mortgage Option 4. Deed In Lieu

This is voluntary repossession of a home. It is the same as Foreclosure and
Your credit will be damaged for 7 years. If you refied and took money out
of the house you may be held liable for that amount.

Upside Down Mortgage Option 5. Refinance

I think if you could have done this you already would have. The odds of this when you are upside down are nearly zero. However, some people don't realize they are not upside down at all. Their loan or their rate is. See Loan Modification.

Upside Down Mortgage Option 6. Foreclosure

This is very damaging to your credit for 7 years. It is embarrassing to you, your family and friends. You should have at least tried very hard to Loan Modify
and Short Sell before you just let it go. Unfortunately, kids take the brunt of
this one if they stay in the same schools it can be tough when other kids pick
on them.

Upside Down Mortgage Option 7. Bankruptcy

This is what a BANKRUPTCY Attorney will advise. This is when the attorney makes money. However, you may wish to try loan mod, first, then Short Sale. Await the foreclosure, then when the bank comes after you for outstanding debt, you then use your one time ace in the hole card bankruptcy. It is a great reserve card. It might be a good idea to wait to file Bankruptcy until you have all your bad debts including your home behind you. Contact an attorney and a CPA.

Upside Down Mortgage Option 8. Reinstatement

A Reinstatement is getting caught up and paying the lender all that you owe, and any late fees, penalties.

Upside Down Mortgage Option 9. Forbearance or Repayment Plan

A Forbearance or Repayment Plan is usually a one time deal you can make with the lender for back payments owed where they tack on the amount owed to back end of your payment over a period of rime. This will obviously raise
your payments.

Upside Down Mortgage Option 10. Rent the Property

You might consider Renting the Property out.


This is meant to serve as a guide to most people in most situations. Everyone's situation is different and you should get legal and financial advice from qualified people. It is beneficial to get legal and financial advise in all situations from experts in their field.

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