The rumors are true; if you are a borrower who finds themselves underwater with a mortgage but have remained current with your payments, you may be able to walk away from your property with no debt. But that erasure won’t happen without anything from you. In order to get your mortgage debt erased, you must have a 55% debt-to-income ratio, in addition to confirmation that the property has been left in good condition. Any borrower who is deemed eligible will have any debt which remains between the home loan size and the property value erased. The goal? To avoid homeowners having to default on their loans. Learn about options for homeowners with underwater mortgages.
This entry was posted on Thursday, August 1st, 2013 at 8:12 pm and is filed under Mortgages. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.