Homeowners are still trying to do the right thing and continue to pay their mortgage in hopes that the value of their home will come back to what they paid for the home. Some have not lost income and are able to make their mortgage payments but just cannot see the end of the tunnel. How long will it be that they are no longer upside down on their home? At what point will they be able to consider selling their home for either a smaller home or larger home if they need?
Knowing when enough is enough and it is time to throw in the towel and consider a possible short sale is not always and easy thing to understand or to even consider doing with your home. Every case is different and you are not alone in this difficult time. Some homeowners that owe more than their home is worth have been able to put more money towards the mortgage and lower their payments and hang on to the home. Living in the home and making their mortgage payments and extra payments to knock their mortgage down lower is a good choice if it is all possible. Knowing that you purchased the property and it is your responsibility to pay for the property is obviously an upstanding decision made by those that are able to do so.
Not everyone in the position financially to be able to handle the money they owe on a home in this manner so at some point they need to think about alternatives.
The alternatives are not an easy decision to make but some homeowners simply have to swallow their pride and decide it is time to throw in the towel and make the difficult decision to do something about the excessive mortgage debt on their home. Talking to a professional about your options and their impact on you financially is the first step to a solution to your problem. You may need to talk to several professionals. Talking to an accountant on what the impact of your decisions might make on your credit or future ability to purchase a home is advisable. Talking to a licensed realtor familiar with short sales will be another person you will need to talk to. This is very difficult to actually swallow your pride and move towards a hard decision like possibly short selling your home for less than you owe but it could literally be your only option.
A short sale is much better on your credit score and your future than defaulting to a point of foreclosure and knowing that many people have had to make the same decision and you are not alone should give you some consolation