In Arizona there are few people who aren’t dealing with a home that is worth far less than what they owe on it. I regularly visit with people who owe 50% more than what the home is worth and often have second mortgages or home equity lines of credit (HELOC) of $100,000 or $200,000. Couple all this with adjustable interest rate loans and you can see why the economy, particularly in Arizona, is having such a difficult time recovering. In looking back it is amazing that more people didn’t see this big down turn coming. I remember talking with friends about how quickly home prices were rising and our concern that a “starter” home was going to eventually be $500,000! I think we all remember the long lines outside of new developments on Saturday mornings just hoping to win the lottery and be given the chance to put money down on a lot! How times have changed.
With the turn in the housing market, the question now is what can be done with these underwater homes? Whether you are trying to save your home from foreclosure, have it make financial sense to stay in your home, or simply surrender your home, bankruptcy has many tools that can help.
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