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Have you been having problems meeting your payments and even discovered that no one wants to buy your home for more than you owe or even simply what you owe on it? If this is the situation, your house's mortgage is a bit more than what your property is worth, so you are what is defined an "upside down mortgage holder."

Most people are usually surprised when they understand they are upside down, and until just recently, they almost certainly never even knew about something known as a short sale, which is really simply selling your house for just about anything you could get and then preparing an arrangement with the mortgage lender concerning the remaining balance due.

The majority of people aren't happy with the short sale process, but do upside down mortgage holders have an alternative other than short sales. The answer at this moment is yes. There is a new program offered now referred to as the Principal Balance Reduction Program.

A Principal Balance Reduction Program is simply a system in which home notes are sold to a hedge fund at a substantial lower price, the hedge fund decreases the total of principal owed to 95% of the market value and modifies a couple of terms and the interest rate for the homeowner.

Is this brand new alternative for you for anybody who is an upside down mortgage holder who's been contemplating a short sale? Perhaps. The pros to you would be substantial savings, the ability to maintain your property by effectively short selling the home to your self, and keeping your tax incentives and not destroying your credit history.

If you end up facing the housing problems head-on, make sure you understan about the principal balance reduction program. Can upside down mortgage holders have an alternative besides short sales? Certainly. That being said, consider it should you have to.

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