Today on the Consumerism Commentary Podcast Tom Dziubek speaks with Gerri Detweiler, personal finance expert at Credit.com, about her series of articles dealing with underwater mortgages. Gerri goes into detail about each of the six options including home loan refinances & modifications, doing a short sale and declaring bankruptcy.
Table of contents
[00:00] Introduction from Tom Dziubek
[00:35] Interview with Gerri Detweiler
— [00:46] The criteria for someone to be considered “underwater”
— [02:19] Stay and pay
— [04:43] Emergency home owner loans
— [05:20] Refinancing a mortgage & the HARP program
— [06:52] Home loan modification & the HAMP program
— [09:16] The popularity of home modifications
— [11:38] Short sales
— [13:59] Cancellation of debt and its affect on your income taxes
— [16:21] Walking away from a mortgage
— [19:59] Declaring bankruptcy
— [22:37] Misconceptions about bankruptcy
— [23:43] Credit rating recovery after a bankruptcy
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Theme music by Mindcube.
Updated October 20, 2011 and originally published September 11, 2011.