Facing an underwater mortgage (owing more than your home's worth) can be scary, but a short sale offers an alternative to foreclosure. In a short sale, you sell for less than owed and the lender forgives the difference. There are drawbacks like potential tax implications and credit score hit, but it allows you to avoid a foreclosure and potentially recover your ability to buy a home sooner. Explore all options with a HUD counselor before proceeding.
Property taxes are soaring across the country, forcing some homeowners to sell, potentially leading to a surge in home rentals. Meanwhile, homeowners insurance rates are also rising, especially in states like Texas and Florida. These escalating costs have resulted in an alarming increase in bankruptcies, as homeowners struggle to cover their expenses. This growing financial burden highlights the challenges families are facing in maintaining homeownership, especially in areas with high property taxes and insurance rates.
