What is an upside down mortgage?

An upside down mortgage is a mortgage in which the total amount you owe is larger than the amount you could realize if selling your property today at fair market value.

This is also called “being underwater,” and is very common among San Diego homeowners who purchased at the top of the market.

The only way to sell an “underwater” home in today’s market is through the real estate short sale process. In a short sale, the bank agrees to accept fair market value, less selling costs, for the payoff of your mortgage loan.

  • Do you wonder if you’re underwater – and if so, by how much?
  • Do you wonder if it’s too late for you to avoid foreclosure?

Call 619-929-1413 or write td@tomdunlap.com to tell us your situation and get answers to your questions.