Are you one of the many homeowners in Middle Georgia facing the challenge of an ‘upside down’ or ‘underwater’ mortgage, where you owe more than your house is worth? You are not alone.
Many homeowners across Middle Georgia, including Warner Robins, Bonaire, Perry, and Kathleen, are grappling with this challenging reality. But being underwater on your home doesn’t mean you’re without options.
I’m Chris, your dedicated real estate problem solver for Middle Georgia. Since 2002, I’ve been helping families like yours navigate complex housing dilemmas – from urgent military relocations and distressed property sales to finding solutions for homes that feel like a heavy financial burden. This page offers concrete, actionable solutions to help you move forward.
What It Means to Be Upside Down on Your Mortgage
When you owe more on your mortgage than what your house would likely sell for today, that’s considered being “upside down” or “underwater.”
For example:
You owe $190,000 on a house that’s now worth only $160,000. That $30K gap? That’s the problem.
Common reasons this happens:
- You bought during a hot market and prices dropped
- You did a cash-out refinance
- You’ve fallen behind on payments and added fees
- The neighborhood has slowed in demand or seen higher inventory
This is becoming more common across Middle Georgia. But you’ve got more control than you think.
Things to Avoid When You’re Upside Down on Your Mortgage
Don’t ignore the problem. It won’t go away. In fact, it’ll usually get worse—fast. Avoiding it means fewer options later.
Don’t stop making payments without a plan. It might feel tempting to stop paying when you feel stuck, but missing payments leads straight to foreclosure unless there’s a solid game plan in place.
Don’t fall for the “miracle fix” scams. If someone promises to “eliminate your mortgage” or “take over payments” without paperwork or legal clarity—run. Predatory investors love distressed sellers.
Don’t assume you’re stuck. There are more legal and ethical solutions than you may realize. You just need the right one for your situation.
Options for Selling an Upside Down House in Georgia
1. Work with the Lender Ask about loan modification or principal reduction options. You may qualify for hardship relief, especially if you’re military, disabled, or facing medical hardship. I’ve helped people navigate those lender calls—we can go over it together.
2. Rent It Out Especially for military families PCSing out of Robins AFB, this can buy you time. We can help prep the house for tenants and connect you with a property manager.
3. Short Sale This is a sale where your lender agrees to let you sell for less than you owe—and they often forgive the difference. It’s paperwork-heavy, but doable. I’ve walked many homeowners through this process.
4. Creative Sale Solutions This might include subject-to sales, lease-options, or other creative financing. Legal, ethical, and smart when done correctly—and especially helpful if you need to move fast.
5. Cash Offer with Lender Negotiation Sometimes, we can still make a cash offer and work with your lender to forgive the remaining balance. Not always easy, but it’s worth exploring.