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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Clear out junk files and repair common Windows errorsFree Scan →First, compare the home’s realistic sale value with the current payoff on every mortgage and other lien secured by it—not with the price you originally paid. A lower value does not automatically mean you have negative equity or must sell. If payments are becoming difficult, contact your mortgage servicer promptly to ask which options may fit your loan and situation.
Start with the right comparison: sale value versus debt
Your purchase price is a historical figure. The decision you face today depends on what the property could realistically sell for, what it would cost to sell, and what you currently owe against it. Those numbers can lead to a different conclusion from a simple comparison between the purchase price and a home-value estimate.
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Ask each mortgage servicer for a current payoff statement. A payoff amount can differ from the balance shown on a recent statement because it accounts for items such as interest through a particular date and other amounts due to close out the loan. Include every mortgage and any other lien secured by the property. Then estimate likely selling expenses, such as agent compensation, transfer or closing costs, and any agreed repair or buyer-credit costs. The actual expenses depend on the transaction and location.
A useful planning calculation is:
Estimated net sale proceeds = realistic sale price − selling expenses − payoff amounts for all secured debt.
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This is an estimate, not a binding payoff or closing statement. A real estate professional can help assess a likely local sale price; the servicers and lienholders provide the payoff figures and instructions. Use a realistic sale estimate rather than an optimistic asking price, and revisit it if local conditions or the property’s condition change.
Illustrative example
Suppose a home might sell for $350,000, the total payoff on its mortgages and other secured liens is $325,000, and estimated selling expenses are $25,000. The estimated proceeds after those items are zero. The home is worth less than a hypothetical $400,000 purchase price, but that fact alone does not establish that the owner owes more than a sale would cover. If the same home instead had $345,000 in secured debt, the estimated $25,000 in selling expenses would leave a shortfall of about $20,000. The servicer and any other relevant lienholder would need to address that shortfall before a sale could close on agreed terms.
What people mean by “underwater”
People often use “underwater” or “negative equity” to mean that secured debt exceeds the home’s value. For a sale decision, also account for selling expenses: a home can have a value above the loan payoff but still produce too little net cash to pay off the debt and transaction costs. Conversely, a home can have fallen below its purchase price and still produce enough to clear all payoffs and costs. The Consumer Financial Protection Bureau’s short-sale guidance and Freddie Mac’s exit-option guidance distinguish the sale-price problem from the historical purchase price.
If you can afford the mortgage and want to stay
A lower valuation, by itself, does not require you to list the home, refinance, or take an immediate loss. If payments are affordable and you plan to remain, decide based on the household budget, your housing needs, and your capacity to manage the property—not on a promise that the value will quickly recover. The official consumer guidance cited here does not establish a universally right holding period or predict future home prices.
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Review the costs that matter to your choice: the monthly mortgage payment, property taxes, insurance, maintenance, needed repairs, and any other secured debt. Consider whether you could handle a large repair or a change in income while continuing to pay. If moving is optional, compare the practical cost of staying with the cost of selling and arranging replacement housing. A paper decline in value may matter less to an owner who can comfortably stay than to someone who needs to move soon; neither situation changes the actual loan terms.
Do not assume that a refinance is available simply because you want a lower payment. Eligibility and terms depend on the loan, finances, property, and lender or servicer requirements. If you want to investigate a refinance, ask about the qualifications, costs, new payment, repayment period, and total amount paid, then compare those figures with your existing loan.
If a payment may be late, contact the servicer now
If you cannot make a payment or are worried about missing one, the Consumer Financial Protection Bureau (CFPB) advises contacting your mortgage servicer right away. Waiting until a missed payment becomes a crisis can limit time to understand available choices. A servicer—not a general home-value estimate—reviews the borrower’s application and determines which loss-mitigation options, if any, are available for that loan and situation.
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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 glitchesBefore contacting the servicer, gather the loan account information, a recent mortgage statement, household income and expenses, details about any hardship, and any notices you have received. Ask for the department that handles mortgage assistance or loss mitigation. Explain whether you are current, behind, or anticipating difficulty, and ask what information is needed for a complete application, how to submit it, and how to confirm receipt. Keep copies of documents and notes of dates, names, and next steps.
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You can also contact a HUD-approved housing counseling agency. CFPB describes this counseling help as free or low cost. A counselor can help you understand the process and prepare questions, but cannot guarantee that a servicer will approve a particular option. Confirm that an organization is HUD-approved before sharing sensitive financial information.
Understand the main mortgage-assistance options
Options depend on factors including loan type, servicer, occupancy, finances, and the details of the hardship. The CFPB lists possibilities that can include refinancing, a loan modification, a repayment plan, forbearance, a short sale, or a deed-in-lieu of foreclosure. FHA borrowers who meet applicable requirements may have additional or specific options under HUD’s FHA guidance. Inclusion on a list is not a promise of eligibility or approval.
| Option | What it generally does | Questions to get answered in writing |
|---|---|---|
| Refinance | Replaces the existing mortgage with a new loan if the borrower and property qualify. | What are the new rate, payment, fees, term, and total repayment? Are all existing liens addressed? |
| Loan modification | Changes one or more loan terms. It may reduce a monthly payment, but could extend repayment or change the total amount paid. | What terms change? What is the new payment and loan length? Are fees, arrears, or deferred amounts added, and what is the total projected repayment? |
| Repayment plan | May allow missed amounts to be repaid over time alongside regular payments, subject to the servicer’s terms. | How much is due each month, for how long, and what happens if a payment is missed? |
| Forbearance | Temporarily reduces or suspends payments under agreed terms; it does not forgive the amounts owed. | When does the relief end? How will missed payments be handled, and when or how must they be repaid? |
| Short sale | Allows a sale for less than the debt owed only if the relevant servicer approves the transaction; other lienholders may also need to agree. | What sale terms are approved? Is any remaining deficiency waived or still collectible? What must be paid by closing? |
| Deed-in-lieu | A negotiated transfer of the property to the lender as an alternative exit; lender agreement is required. | What debt, costs, or deficiency remain? What are the move-out and property-transfer terms? Are other lienholders involved? |
Modification and forbearance are not interchangeable. A modification changes loan terms; forbearance offers temporary payment relief. CFPB guidance on mortgage modifications and payment options stresses the importance of understanding how deferred or missed amounts will be treated. Before agreeing to any arrangement, compare the current and future payment, loan term, total repayment, fees, any subordinate lien or deferred amount, and the consequences of not meeting the new terms. Ask the servicer to explain figures you do not understand, and do not rely on a verbal summary when written terms are available.
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If you need to sell, determine whether it is a regular sale or short sale
If expected sale proceeds can cover all secured payoff amounts and selling expenses, a regular sale may be possible. Tell the servicer you are considering a sale, request its payoff process and timing requirements, and coordinate the payoff statements with the closing professional. A payoff statement is date-sensitive, so the closing team needs current figures for the expected closing date.
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If the likely proceeds will not cover the mortgage debt and transaction costs, do not assume you can sell at that price and leave the balance unresolved. A short sale requires servicer approval, and other lienholders may also have to approve or agree to how their liens are handled. The CFPB explains that the lender’s approval is part of the short-sale process. Before closing, obtain clear written terms stating whether any unpaid deficiency will be waived or remains collectible. Deficiency rules vary by state, so an approval should not be treated as a waiver unless the written terms say so.
A deed-in-lieu is a separate negotiated alternative, not an automatic right to hand over the keys. It requires lender agreement and can involve other liens or conditions. For either route, ask what happens to any remaining debt, what costs you must pay, and what deadlines or property conditions apply. Freddie Mac’s exit-option guidance also emphasizes understanding the terms of an agreed exit.
Do not simply stop paying or walk away because the home’s value has fallen. If the payment is not affordable, contact the servicer and discuss available options while you still have time to evaluate them. If a proposed agreement is unclear—especially on a deficiency, release of liens, or remaining debt—consider getting advice from a qualified housing counselor or attorney familiar with local law before signing.
Compare options by their consequences, not just the next payment
A payment reduction can help now but may increase the length or total cost of repayment. A sale may end the need to make future mortgage payments but require cash at closing, lender approvals, or a plan for replacement housing. Compare every option offered against the same set of questions:
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- Housing: Can you remain in the home, and for how long under the agreement?
- Cash flow: What is due now, each month, and at the end of any temporary relief period?
- Total debt: What is the total expected repayment and loan length, including fees, deferred amounts, or arrears?
- Upfront cash: Are funds required for a modification, sale, closing costs, arrears, or moving expenses?
- Remaining liability: What happens to missed payments, a deficiency, subordinate liens, and other secured claims?
- Future borrowing and credit: How could the option be reported or affect future borrowing? Ask the servicer what it can confirm; do not assume all options have the same effect.
- Tax and legal issues: Could a sale, debt cancellation, or property use create a tax question or state-law issue?
- Eligibility and approvals: Which borrower, loan, investor, insurer, or lienholder requirements apply, and what decisions remain pending?
There is no universally best route in the official guidance. An option that works for one household may be unsuitable for another because of the loan type, other liens, income, occupancy, local law, and the owner’s plans. Request written terms and enough time to compare them; if the servicer’s explanation is incomplete, ask specifically about the unanswered items above.
Know the basic tax distinction
For a personal residence used as a home, the IRS says a loss on sale generally is not deductible. A home’s decline in market value alone is not the tax calculation. For a tax gain-or-loss calculation, the IRS generally looks at the amount realized from the sale and the property’s adjusted basis. Basis generally starts with cost and may be adjusted for qualifying improvements and other items.
Rental or business use, canceled mortgage debt, casualty circumstances, or foreclosure can change the analysis. These situations can involve separate tax rules, and the outcome depends on the facts. Consult a tax professional and current IRS guidance if any of them apply; do not treat the general rule for a personal-use home as a complete answer for mixed-use property or debt cancellation.
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Recognize mortgage-rescue warning signs
CFPB warns consumers to be wary of anyone who asks for an upfront fee in exchange for a promise to change loan terms or keep the home, guarantees a specific result, asks you to transfer title, tells you to stop paying the mortgage, or directs payments somewhere other than the mortgage servicer. These are reasons to pause and independently verify the person or organization before acting.
- Do not sign a deed, power of attorney, or other title document you do not understand.
- Do not send mortgage payments to a third party based on its promise to forward them.
- Verify contact details independently and confirm any proposed change directly with the servicer.
- Use a HUD-approved housing counselor for help understanding options; CFPB describes that counseling as free or low cost.
A practical order of action
- Get the current numbers: Request payoff statements for every mortgage and secured lien, then estimate a realistic local sale price and selling costs.
- Separate value from payment trouble: Decide whether the main issue is a lower market value, an upcoming move, difficulty making payments, or more than one of these. A value decline alone is not a loss-mitigation application.
- If payments may be at risk, call the servicer: Ask about the application process, the options that may apply to your loan, required documents, and how to track your submission.
- Get help if needed: Contact a HUD-approved housing counselor for help understanding the process. Seek qualified tax or legal advice where debt cancellation, rental or business use, foreclosure, or state deficiency law may matter.
- Compare written terms: Review payment, total repayment, duration, upfront cash, deficiency treatment, and approvals before choosing an option.
- Coordinate any sale or transfer: Confirm payoff and approval requirements with the servicer and relevant lienholders before relying on a closing date or signing transfer documents.
This is general U.S. information, not a determination of eligibility or an individual legal or tax position. Mortgage programs and terms, property values, and tax rules can change. Confirm current requirements with the servicer, relevant agency, and a qualified professional. CFPB’s mortgage-payment options guidance was last reviewed August 28, 2026; IRS guidance on personal home-sale losses and basis should be checked in its current form.
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