Options for an underwater homeowner
An Annapolis homeowner writes in with a question that some of you are probably pondering yourselves:
We bought a house in March 2007 - towards the end of the boom. Anyway, the value of our home has decreased by about 23% on a good day and as low as 45% according to our bank (not the mortgage holder).
Right now, we do not need to sell our home however my husband's career moves us around quite a bit. Where can we go for information to know what our options are in the event we need to sell before the value goes back up? We were thinking of a real estate attorney but are a little nervous with all the people trying to take advantage of others in a bad situation.
We want to be ahead of the game as much as we can so we are starting now instead of "too late"!
Suggestions? Personal experiences?
I pointed her toward the network of "low bono" attorneys with the nonprofit Civil Justice in Baltimore as one possible starting point, but I thought you all might have good ideas about how underwater borrowers might plan for the future.