1 in 5 Homeowners Underwater: What to do

The map here shows the Lay-off Hot Spots nationwide. Red being high, white, not so bad. So, who wants to be a 'red state' in this map? Stats are indicating that 1 in 5 homeowners owe MORE for their homes than they home has Value. We call this being Upside Down or "underwater." Not a comfortable place to be. Add that to the unemployment and there are several word starting with the letter F that come to mind. A bank that begins with the letter W predicts that by the end of Q4 2009, 34% of all of their current loans in their bank will be in foreclosure. That's probably a bit high to pad shareholder's positions when the number comes in at a similar 1 in 5, but that's still 20% of the country upside down and/or and additional 20% in foreclosure. Long story short: Stick it out as long as you can. See counseling on many levels, and get multiple opinions from objective professionals. And lastly, try to find something positive in the mix. Focus on what's good in your life. Keep your faith high; This is the beginning of when we're going to need it most. Need counseling. I'm here to lend and ear. Pat Townsley, Mortgage Veteran of a Thousand Psychic Wars. 415-485-1776. www.PTRE.net