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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesBeing “underwater” means your mortgage balance is higher than your home’s current market value. It does not automatically mean you are behind on payments, headed for foreclosure, or required to sell. Start by answering three practical questions: Can you keep making the payment, do you need or want to remain in the home, and what would happen to any unpaid balance if you sold?
If a payment is at risk, contact your mortgage servicer immediately and request a complete loss-mitigation review. If you can afford the payment, you may be able to stay while monitoring your budget rather than selling solely because a short-term estimate has fallen.
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What “underwater on a mortgage” means
Your mortgage is underwater, also called being in negative equity, when the amount owed on the loan exceeds the home’s current value. For example, owing $300,000 on a home worth $260,000 creates approximately $40,000 of negative equity before considering selling costs.
Negative equity describes the relationship between the debt and the property value. It does not, by itself, show whether your payment is affordable or whether you must leave. A homeowner who remains current can continue living in the property. The immediate priority changes if income has fallen, expenses have risen, or a payment may be missed.
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Home values are estimates until a buyer, appraiser, or other market evidence establishes a price. Do not make an irreversible decision based only on one online estimate or a temporary market decline. The reviewed guidance does not establish a universal number of years to wait or a reliable market forecast.
First decide whether the payment is safe
If you can still afford the payment
Negative equity alone is not a reason to stop paying. Keep the loan current if you can do so without sacrificing essential expenses. Review your monthly budget, emergency savings, income stability, and other debts. You can ask the servicer whether any refinance or other assistance might fit your loan, but approval is not guaranteed. Current loan-to-value, credit, income, occupancy, and program rules can all affect eligibility.
Remaining in the home may be sensible when the payment is manageable and you have a practical reason to stay. Selling at a loss can create a balance that still has to be addressed, along with transaction costs and possible legal consequences. That does not mean waiting is always best; it means a forced sale based solely on a temporary valuation is not the only option.
If a payment may be missed
Call the number on your monthly mortgage statement before missing the payment. The Consumer Financial Protection Bureau (CFPB) says, “The most important thing you can do when you’re having trouble paying your mortgage is take control.” Tell the servicer why the payment is at risk and whether the hardship is temporary or likely to last.
Ask for a mortgage-assistance or loss-mitigation application. Request the exact documents needed for a complete review, the submission method, and the deadline. Keep a dated copy of every form, pay stub, bank statement, letter, and confirmation. If the servicer says information is missing, ask what is needed and submit it promptly so the application can remain complete.
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An early, complete application can provide servicing protections while it is reviewed, subject to applicable requirements. Those protections do not erase the debt or guarantee approval, so continue communicating with the servicer and follow every written deadline.
Identify who stands behind the loan
The servicer receives your payments and handles assistance requests, but it may not own the mortgage. The loan owner, insurer, guarantor, and loan type can determine which programs are available. Ask the servicer:
- Who owns the mortgage?
- Is it insured or guaranteed, and by whom?
- What loan type is it, and which loss-mitigation options apply?
- Who must approve a sale, modification, or title transfer?
CFPB provides lookup routes for FHA, Fannie Mae, Freddie Mac, USDA, and VA loans. Loans outside those programs may still have servicer-specific or state options. Knowing the backing is especially important when you are comparing a modification with a short sale or deed-in-lieu.
Choose a path based on your circumstances
| Situation | Primary action | Important question |
|---|---|---|
| Payment remains affordable and you want to stay | Continue paying, monitor the budget, and ask about feasible assistance only if needed | Would any proposed change remain affordable after temporary relief ends? |
| Payment is at risk but you want to stay | Submit a complete loss-mitigation application promptly | What happens to unpaid amounts and the total balance? |
| You need to move or cannot sustain the payment | Compare an approved short sale, deed-in-lieu, and other options before signing | Will any deficiency be waived in writing? |
| Foreclosure notice or court papers have arrived | Contact the servicer and obtain local legal advice immediately | What deadlines and procedures apply in your jurisdiction? |
If you want to keep the home
Refinancing
Refinancing replaces the existing mortgage with a new loan. An underwater borrower may have difficulty qualifying because the property’s value is low relative to the requested balance. Ask the lender to evaluate your actual loan-to-value, income, credit, occupancy, and loan program rather than assuming either approval or rejection. Compare the new payment, interest rate, closing costs, term, and total amount repaid. A lower payment is not automatically a lower total cost.
Loan modification
A modification changes the existing loan’s terms. It may alter the interest rate, payment schedule, term, or the treatment of unpaid amounts. The result can be a more manageable payment, but the total amount owed or the time required to repay can increase. Before accepting, obtain the proposed terms in writing and check:
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- New principal balance and whether arrears are added to it
- Interest rate and whether it can change later
- Monthly payment, escrow amount, and first due date
- Total amount scheduled to be repaid
- What happens if the temporary arrangement ends
Repayment plan
A repayment plan spreads missed amounts over future payments while the regular mortgage continues. It can help with a short-term interruption, but the combined payment must fit your budget. Ask how long the plan lasts, the exact added amount each month, and what occurs after the final catch-up payment.
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Forbearance temporarily reduces or pauses payments. It is not forgiveness. The skipped amount remains due under the agreement, potentially as a lump sum, repayment plan, or modification. Confirm when payments resume, how much they will be, whether interest continues to accrue, and whether a later review is required. Do not accept a pause without understanding the repayment method.
Test affordability after relief
For every retention option, build a budget using the payment that will apply after any temporary period. Include property taxes, insurance, utilities, maintenance, association dues, transportation, food, and other debt. A plan that works only during a payment pause is not a durable solution.
If you need to sell or leave
Approved short sale
A short sale allows the home to be sold for less than the mortgage balance only when the lender or servicer approves the transaction. You leave the home, and the approval process can require financial documents, a proposed purchase contract, an appraisal or broker price opinion, and review of every lien.
Before listing or accepting an offer, ask in writing:
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- How is the acceptable sale price determined?
- Which closing and transaction costs may be paid from the proceeds?
- How will a second mortgage, home-equity loan, judgment, or other lien be handled?
- Will the lender waive the deficiency, meaning the unpaid difference?
- Does the waiver cover every borrower, co-signer, and guarantor?
- When does the waiver become effective?
A lender may be allowed to sue for a deficiency, depending on state law and the documents. Do not rely on a verbal promise. Read the approval letter and obtain a written waiver that clearly identifies the debt, borrowers, and amount covered before closing.
Deed-in-lieu of foreclosure
With a deed-in-lieu, you voluntarily transfer the property to the lender in exchange for an agreement addressing the mortgage. Ask whether the lender will accept the deed, what condition requirements apply, how junior liens will be treated, whether relocation assistance is available, and whether any deficiency is released in writing. Do not sign over title before understanding every obligation and confirming the agreement with qualified local advice.
Compare the exit choices
| Option | What happens to the home | Key risk to resolve |
|---|---|---|
| Short sale | You sell to a buyer for an approved price below the mortgage balance | Whether the lender waives the deficiency and addresses all liens |
| Deed-in-lieu | You transfer the property to the lender voluntarily | Whether the transfer releases the debt and junior liens |
| Foreclosure | The lender enforces its security interest under state procedure | Deadlines, remaining liability, costs, and credit consequences |
The best choice depends on the state, loan documents, lien structure, hardship, and whether an approved agreement can be obtained. A local housing attorney can explain the legal effect before you transfer title or sign a settlement.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What happens if you sell for less than you owe?
The sale proceeds are applied according to the approved closing statement. If they do not pay the mortgage and other approved amounts in full, the remaining amount is the deficiency. A short-sale approval may waive it, leave some or all of it payable, or impose conditions. A deed-in-lieu agreement can do the same. The result is not automatic and should be stated precisely in writing.
State deficiency laws differ. Some states limit collection in particular transactions; others may permit a lawsuit. Tax treatment of canceled mortgage debt also depends on current federal and state rules, the type of debt, the property, and your circumstances. Do not assume a deficiency is automatically forgiven or automatically taxable. Ask a qualified tax professional for advice based on the actual settlement documents.
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Get free, qualified help
HUD-approved housing counselors can help you organize documents, understand available options, and communicate with the servicer at no cost or little cost. Use the current official counselor directory rather than relying on an old phone number or unsolicited email. CFPB guidance also describes the HOPE hotline, (888) 995-HOPE, as available 24 hours a day, seven days a week; verify current contact routes when you call.
If foreclosure papers, a summons, or a court deadline has arrived, seek local legal assistance promptly. Free legal services may be available through legal aid, and state-specific resources can explain the applicable timeline. A counselor can help with a workout request, but a lawyer is the appropriate source for advice about liability, bankruptcy, title transfers, deficiency claims, and litigation.
Protect yourself from foreclosure-rescue scams
Pressure and promises are warning signs. Legitimate assistance is available through your servicer and HUD-approved counseling; you do not need to pay an upfront fee for a guaranteed rescue. Be especially cautious if someone:
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- Orders you to stop paying the servicer or send payments to an unfamiliar party
- Asks you to sign over the deed or transfer ownership
- Requests blank forms, passwords, or control of your bank account
- Insists you sign immediately without independent review
Do not sign a deed, power of attorney, settlement, or short-sale agreement you do not understand. Confirm instructions through the phone number on your mortgage statement and keep records of every conversation.
Questions to take to the servicer
- “Who owns, insures, or backs my mortgage, and which loss-mitigation options apply?”
- “What documents and application do you need for a complete review, and how should I submit them?”
- “Can I remain in the home with a modification, repayment plan, forbearance, or another option?”
- “What will my total amount owed and payment be during and after the proposed arrangement?”
- “If I sell for less than the balance, will you waive the deficiency? Please send the complete terms in writing.”
- “If I submit a complete application now, what deadlines and foreclosure steps apply to my case?”
Record the representative’s name, date, confirmation number, and promised follow-up. Send important documents through the servicer’s approved channel and retain proof of delivery.
A practical action plan
- Check your payment risk. List income, essential expenses, cash reserves, and the date a payment could become unaffordable.
- Call the servicer early. Explain the hardship and request a complete assistance application if payment is at risk.
- Identify the loan backing. Ask who owns, insures, or guarantees the mortgage and which programs apply.
- Gather and submit documents. Follow the requested format, keep copies, and answer requests quickly.
- Compare durable costs. For retention options, calculate the post-relief payment and total repayment; for exit options, calculate the deficiency and lien consequences.
- Get independent help. Contact a HUD-approved counselor, and obtain local legal or tax advice when liability, title, foreclosure, or canceled debt is involved.
- Get promises in writing. Do not rely on verbal deficiency waivers, payment arrangements, or title-transfer terms.
The central decision is not simply whether the home is worth less today. It is whether the payment is sustainable, whether staying meets your needs, and whether any sale or transfer leaves a debt you can legally and financially manage. Acting early preserves more options than waiting for a missed-payment notice or foreclosure deadline.
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