North Dakota Cash Advance Loans

These are big decisions and they have consequences. Kristin and I know-we've been there! We decided on a combination of foreclosures and short sales to save our family's financial future (we are Realtors and had invested pretty heavily in residential real estate), but those routes may not be the best ones for you and your family.

With that in mind, here are some questions we think you should ask yourself when you're deciding what to do with your underwater mortgage:

How much time and money do you have left before your mortgage is paid off? If you're looking at 5 or fewer years, for example, you might want to make far different choices than if you've got 15 or 20 years of payments left.

Just how far underwater is your mortgage right now? Keep in mind that this number isn't likely to get better. And be realistic-we aren't likely to see the kinds of increases in housing prices we've become used to over the last 20 or 25 years. A family that's 5% underwater might want to make different decisions than one that's 25% or more underwater.

How are your finances outside of your mortgage? Do you have enough income coming in to keep paying the mortgage without putting an undue hardship on your family and your retirement saving? Remember-none of us can count on our houses being a substantial asset for our retirements anymore!

Finally-and this is a hard one-are you in an industry and an area where the economy is relatively good? If you're in North or South Dakota with less than 6% unemployment statewide, you're in far better shape than if you're in Michigan, California, or Florida.

The decisions you make about what to do with your underwater mortgage will hinge on your answers to these questions. Let's look at some examples.

Say you only have between $10K and $15K left on your mortgage and you're only underwater by about 5%. You're employed in a strong industry like healthcare or IT, and you live somewhere where the unemployment figures aren't that bad and/or are dropping. You like your house, you don't need to make major repairs, and the mortgage payments aren't keeping you from saving for your retirement or taking care of your family now.

Why not just stay and enjoy the house? And if prices rebound by the time you want to sell it, bonus!

But if you have $10K or $100K or even more left on your mortgage and you're heavily underwater, the equation starts changing. Yes, housing prices might rebound so that you'll be able to get some equity out of your house in a sale, way down the road. But do you want to take that chance? That's going to depend on your current income, the stability of your job, and whether or not you've got a good retirement plan going.

Finally, if your mortgage is strangling your finances, get out of it whether or not you're underwater! You and your family don't deserve to suffer to add to some banker's profits! And if you're in this situation, you'll probably end up foreclosing anyway. It's far better if you get out from under your mortgage, whether or not it's an underwater mortgage, while you still have some money left.

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