What are my options if I owe more than my home is worth?

Being underwater, or upside down, means the balance on your mortgage is higher than what the home would sell for today. It can happen after values fall or when a loan was larger than the home's value.

It does not mean you have done anything wrong, and it does not mean you have no options.

A short sale lets you sell for less than you owe with the lender's approval. A loan modification changes the terms of your loan to make payments more manageable. A deed in lieu of foreclosure transfers the home to the lender voluntarily.

Each has different effects on your credit and your finances, so the choice is personal.

In South Florida, your options can depend on your lender's policies and the current market for your home. Getting a realistic value is an important first step.

The earlier you reach out, the more control you tend to have over how the situation resolves.

Before any decision, it is worth talking with your lender about what they offer and with an advisor about the tax and credit consequences. Knowledge protects you.

You are not limited to one path, and a calm look at your numbers can reveal a way forward that feels manageable.

I can give you a realistic read on what your home is worth and walk you through how a short sale works if that is the path you choose.

I will be honest with you about the tradeoffs, and I will stay on your side through a situation that can feel heavy.