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6 ways to save your underwater home

Mood of the Market

What seemed like a housing market downturn is now nearly universally seen as the new normal. Accordingly, many homeowners are taking a tough look at their mortgage situations in this stark light. This New Year's season, I've received a massive influx of reader questions -- quasi-challenges, really -- asking me why they shouldn't just walk away from their underwater homes and upside-down mortgages.If you've read my work at all, you'll know that I almost never give an absolute answer to such an important question. The decision whether to walk away from your home is too big and too personal, and there are simply too many variables -- legal, financial, credit, tax, personal, lifestyle, family, etc. -- at play for me to give a glib black-and-white answer.If you're trying to make this decision now, it absolutely behooves you to consult with a reputable real estate broker, mortgage broker, local attorney and local tax professional -- at minimum. However, I've also noticed that mos...

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