Chris Lauer - Underwater: Options When Your Mortgage Is Upside Down
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- Book:Underwater: Options When Your Mortgage Is Upside Down
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Just about every month, housing values in the U.S. fall. That, in turn, increases the number of people who owe more on their houses than they are wortheither trapping them in homes they may no longer want or putting them in danger of financial catastrophe if they lose a job or are otherwise unable to meet the mortgage. Underwater: Options When Your Mortgage Is Upside Down offers valuable advice to homeowners on ways they can unload a house they no longer want, save a home from foreclosure, or undergo foreclosure and start anew. The book offers smart advice from lawyers, bankers, real estate agents, personal finance experts, and homeowners who have seen the foreclosure process firsthand, as well as those who have been able to save their homes through loan modifications and other creative methods. Those faced with tough choices will find invaluable guidance to help them make well-informed decisions while managing the emotional fallout each brings.
Many of the eleven million people in the U.S. now facing the underwater dilemma wonder: Is staying put the only option? What if I cant pay the monthly mortgage bill? Can I save my home? Underwater: Options When Your Mortgage Is Upside Down outlines the optionswhen foreclosure is a good idea, how to best protect the equity youve built up, the financial repercussions of going into foreclosure, strategies for renegotiating a loan, taking advantage of government programs designed to keep you happily housed, and more. Veteran financial journalist Chris Lauer provides the facts, ideas, and advice that can help any underwater homeownerespecially those facing foreclosuremake smart decisions for a better future.
- How to determine whether your home mortgage is underwater.
- How negative equity can cause long-term damage to personal budgets and the nations economy.
- What homeowners can do to get out from under an upside-down mortgage.
- How to negotiate with your lender to refinance your loan, agree to a short sale, or stop the foreclosure process.
- How to protect your equity and limit your financial exposure under various options.
- How other homeowners have been able to turn their mortgages around and rise up from dire circumstances.
- How the choice to face foreclosure may be the right financial decision.
- How to tap into federal programs designed to aid beleaguered homeowners.
- How to navigate through the unfamiliar language of real estate jargon and make sense of the alphabet soup of real estate acronyms.
The audience for Underwater: Options When Your Mortgage Is Upside Down consists of the millions of homeowners whose houses are either upside-down with their mortgages (owing more on their house than it is worth) and those who fear they may be close to that point. According to the real estate services firm CoreLogic, statistics at the end of the third quarter of 2011 show that about 10.7 million (22.1 percent) of all residential borrowers are underwater on their mortgage obligations. With one expert projecting a further decline of 5% in real estate values in 2012, that number will grow. These people, and those who may enter their ranks, are the audience for this book.
Table of Contents- The Real Estate Crash
- How Bad is the Underwater Problem
- Advice from an Underwater Homeowner
- Advice from a Real Estate attorney
- Advice from a Real Estate Agent
- Advice from a Mortgage Broker
- Advice from a Real Estate Agent
- Advice from a Real Estate Agent
- Advice from a Mortgage Broker
- Advice from a Real Estate Expert
- Advice from a Real Estate Economist
- Advice from an Economist
- Advice from CoreLogic Chief Economist Mark Fleming
- What You Should Know About Fannie Mae and Freddie Mac
- Lenders Settle with Homeowners for $25 Billion for Abuses
- Twelve Valuable Government Programs
- Glossary of Terms
- Additional Resources
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Underwater: Options When Your Mortgage Is Upside Down
Copyright 2013 by Chris Lauer
All rights reserved. No part of this work may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage or retrieval system, without the prior written permission of the copyright owner and the publisher.
ISBN-13 (pbk): 978-1-4302-4470-7
ISBN-13 (electronic): 978-1-4302-4471-4
Trademarked names may appear in this book. Rather than use a trademark symbol with every occurrence of a trademarked name, we use the names only in an editorial fashion and to the benefit of the trademark owner, with no intention of infringement of the trademark.
President and Publisher: Paul Manning
Acquisitions Editor: Jeff Olson
Editorial Board: Steve Anglin, Mark Beckner, Ewan Buckingham, Gary Cornell,
Louise Corrigan, Morgan Ertel, Jonathan Gennick, Jonathan Hassell, Robert
Hutchinson, Michelle Lowman, James Markham, Matthew Moodie, Jeff
Olson, Jeffrey Pepper, Douglas Pundick, Ben Renow-Clarke, Dominic
Shakeshaft, Gwenan Spearing, Matt Wade, Tom Welsh
Coordinating Editor: Rita Fernando
Copy Editors: Catherine Ohala and Deanna Hegle
Compositor: Bytheway Publishing Services
Indexer: SPi Global
Cover Designer: Anna Ishchenko
Distributed to the book trade worldwide by Springer-Verlag New York, Inc., 233 Spring Street, 6th Floor, New York, NY 10013. Phone 1-800-SPRINGER, fax 201-348-4505, e-mail .
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The information in this book is distributed on an as-is basis, without warranty. Although every precaution has been taken in the preparation of this work, neither the authors nor Apress shall have any liability to any person or entity with respect to any loss or damage caused or alleged to be caused directly or indirectly by the information contained in this work.
To Tracy Lee
Chris Lauer is the author of Breaking Free: How to Quit Your Job and Start Your Own Business (Praeger, 2009), Southwest Airlines (Corporations That Changed the World Series; Greenwood, 2010), and The Management Gurus: Lessons from the Best Management Books of All Time (Portfolio, 2008). He is also the owner and editor-in-chief of Lauer Editorial Services (www.laueredit.com), where he writes for businesses and publishers. As a journalist and editor with more than 20 years of experience, Lauer works in a variety of fields, including business, news, music, and art. After graduating with an English Journalism degree from the University of Delaware, where he was a Features editor at The Review, he worked as a writer and editor for the SF Weekly in San Francisco. Next, he owned and published Edge City and Anthem Monthly, two arts and entertainment magazines in northern California. After that, Lauer worked for the NBC affiliate in Eureka, California, KIEM-TV, as a news reporter, chief videographer, and assignment editor. In 2006, he founded Lauer Editorial Services. Today, he writes and teaches in Wilmington, Delaware.
Although only one name appears on the cover of this book, many other people deserve credit and recognition. First and foremost, a special thank you goes to my team at Apress. Executive editor extraordinaire Jeff Olson made this book possible. Rita Fernando kept it on track. Paul Manning, Anna Ishchenko, Catherine Ohala, Deanna Hegle, and all the other publishing professionals at Apress also get a big thank you, too.
The many generous people who gave me their valuable time and expertise also deserve acknowledgment and my appreciation, including Daniel Fink, Nancy Ringer, Dave Watlington, John Paunan, Michael Milligan, John Mulville, Brett Stimpson, Brendon DeSimone, Rob Wassmer, and Mark Fleming. A special thank you also goes to Les Kramsky, Esq., for his help and enthusiasm.
Additional credit goes out to all the other experts and homeowners who shared their stories with me. Each story helped make this book happen.
But the people who deserve the most thanks are Tracy, Toby, Hailey, and Emma. They provided the vital patience and encouragement that made this book possible. Pauline and Ken Lauer also get a warm thank you for their love and support.
This is a book of knowledge and hope for people who owe more for their homes than their homes are worth. It's a tough spot to be in, but there is a glow on the horizon. Things are starting to look up even during this sluggish time of recovery. Every homeowner watches for signs of good news as the real estate market begins to see the light of a new day.
Unfortunately, that light is difficult to see when you're under water. That's why underwater homeowners need the guidance of experts to help them choose the right path to a brighter future. There is no need to go it alone. Those who suffer from negative equity need help from people who have worked inside the real estate market long enough to understand its ebb and flow. This book is filled with the advice of experts who know about underwater mortgages from the inside out.
The stories, tips, and advice in this book come from those who have seen enough real estate transactions to know the score. These professionals were there on the frontlines when the real estate bubble burst 6 years ago, and they are ready to share their experience and knowledge vital to helping homeowners with underwater mortgages who are ready for relief.
Hope is on the way. The advice of the real estate professionals collected here offer you a better understanding of the real estate market and your place in it. This book distills their experiences, numbers, and expertise into a guidebook you can use to help you navigate the topsy-turvy world of owning a home in the United States today.
To help you get a handle on the underlying history that has shaped the current housing landscape, , which examines the cataclysmic bubble burst that left the real estate market in shambles. This is where the origins of the debacle are analyzed to help you get a sharper picture of the terrain you must travel to get out from under water.
looks at how far the reverberations of the real estate market collapse reached into our current economy. It also puts some numbers on the ripples that continue to roll through today and into the future.
at the front door of a homeowner who spent some of his home's equity to build his business, but the real estate market crash left him without enough equity to qualify to refinance at one of the great rates now available. And he loves his underwater home too much to leave. His story can help you see the ways many responsible homeowners have been trapped by the universal drop in home equity that hit the country.
In , real estate attorney Les R. Kramsky, Esq., offers a legal perspective on the ways underwater homeowners can deal with their housing situations. Kramsky's expertise in the industry was recently recognized when he was appointed executive vice president and general counsel for The Silk Companies, a company that has closed tens of thousands of real estate deals. Kramsky outlines the options that are now available to underwater homeowners.
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