What should I do if I am under water and upside down in mortgage payments? What are my options?

http://bit.ly/zDGikF There are a couple of options for homeowners who are under water, upside down in their mortgage payments and find it hard to pay their high mortgage payment due to some kind of hardship. Short sale is one of the options where you sell your house to a third party. Bank approves and accepts a reduced amount which is lower than the balance of the mortgage debt. Other than short sale, homeowner may do a loan modification, a short refinance, a foreclosure, deed-in-lieu of foreclosure or file a bankruptcy.

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