Under water mortgage?
My home is under water. I owe 104k but its only worth my 95k. I have some debt other than my mortgage and I was wondering if I should throw the extra $800 a month torwards my mortgage or use the money to pay down debt?Me and my wife really want to move withing the next two years due to a growing family but can't sell due to a the value of our house. Any financial advice would be greatly appreciated.
Thanks!
More Questions From This User See All
Answers & Comments
Verified answer
why won't you pile up cash for the next 2 years to see what happens with the house value? If it goes up enough, you can sell the house and you still have the money to go toward the other debt. If ur house is still underwater, you can use that money to payoff the mortgage after the sale.