Is My Home Still Underwater?

Here in the Las Vegas real estate market homes underwater have become the norm since 2008.  Underwater, meaning that the mortgage on the home is more than the value of the home.  The market has shifted once again, thankfully, placing many home owners back in positive equity.  If you plan on living in your home and are able to make your payments, then it really doesn't matter if you are underwater or not.  Although it certainly doesn't feel good that you are paying on a home that is not worth what you owe.  If you are in a position that you need to sell your home is where if you are underwater or not is crucial.  Basically, if you need to sell and you do owe more than your home is worth is where you need to consider doing a short sale.  Short sale is when your mortgage holder, typically a bank, agrees to let you sell your home for less than is owed.  When this happens, the goal for the homeowner is to forgive the remaining balance on the home after it is sold.  Therefore releasing the former owner of any liability for the mortgage deficiency. 

Depending when and how much you paid for your home and any down payment will determine if you are underwater still.  Home prices have gone up about 25% over the past 6 months and continue to rise in recent weeks. So many people that have been underwater no longer are. 

The best way to find out where you stand is to have a Comparative Market Analysis done on your home to determine the value.  I offer this analysis free with no strings attached simply by emailing me at lvhomesbymike@gmail.com