Are you upside down on your San Diego home?
If you bought a home in San Diego County during the past 3 or 4 years and financed 90 or 100% of the purchase price, or you refinanced with “cash out” during that period you are very likely to be “under water” or “upside down” – owing more to your lender(s) than the home is currently worth.
Some loans were sold with “teaser” introductory rates for the first 2 years (known as 2/28’s) with resets jumping to repayment levels that owners can now not afford.
With values in some areas much less than they were just a year or two ago refinancing is unavailable to these owners as the home will not appraise for the sums required to payoff the current mortgage.
A “short sale” may be an option if you no longer can afford your mortgage payments.
If you need to know just how much “upside down” you are we can help - check us out - we have the experience and know how to answer the tough questions regarding selling in today’s market.
» Posted by Peter 
