Tag: upside down home

Reader Question: Monty, we have a family member whose home is underwater. They owe $114,000 on the mortgage with a monthly PITI payment of $890.00. They paid $119,000 for it. Here, is the problem. They are divorcing, and his wife has moved out of the house. A local agent has estimated the home will sell today for between $75,000 and $90,000. Our…