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Underwater Home: What Should You Do if You Owe More on Your Home than It's Worth? Paperback – November 15, 2010
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About the Author
Brent White is an Associate Professor of Law at the University of Arizona and leading expert on the mortgage crisis. His academic work has been widely-covered in the national media, including 60 Minutes, the Wall Street Journal, National Public Radio, CNN, Fox Business News, Good Morning America, and the New York Times
Top customer reviews
Thank you for putting so succinctly, in such easy to understand English, that the contract we signed with the bank, was a two way, JOINT contract. It is not a one way deal whereby the bank loans me money, I in turn owe them my life, and they can now do whatever they like with the housing market without consequence. Thank you for conveying to me that we lived up to the agreement in our contract with the bank that the foreclosure insurance that we paid at closing (as most homeowners do, but don't know it) covered the bank AND that they entered into an agreement with us that should we ever foreclose, that we would forfeit the house to them. Well, here's your house and I lived up to my end of the agreement. You agreed Mr. Big Banker that you would accept my home as collateral. Next, we should sue you for ruining our once perfect credit (800+ scores) as the terms of the contract were met.
Thank you also for bringing to light that the credit score isn't the end all of who we are as people and we can within a short period of time recover from that as well. Another scare tactic of the banks and the government.
There is so much useful and concrete advice in this book that I cannot write enough about it. We had made our decision to walk prior to reading this book but now we do it with the utmost confidence and clarity. Thank you is not enough for the surety your book has brought to our decision.
March 26, 2013
Update. In my first review my only concern if you could call it that was my credit score. Well, less than two years later after walking away, my credit score is 787. And we are enjoying our mountain cabin home we purchased prior to the foreclosure. Too many thank you sentiments to write. Best financial decision we ever made.
If you are underwater on your home mortgage, this book is a must-have. If you have a friend or a family member who is underwater on their home mortgage, or struggling to make sense of the various options available to them, consider a polite way to introduce them to this book. They will be forever grateful for your kindness and thoughtfulness.
What makes this book really unique is that it is written by a lawyer who goes far beyond the typical "just the facts" legalese. Professor White goes the extra mile in helping the reader determine, for themselves, the best course of action to take for their unique situation and to also feel good and confident about their decision. Professor White's insight and thoughtful strategies, along with his easy-to-read writing style, make this book a one-of-kind guide and reference manual setting the standard by which all other books on this topic will be measured in the future. This book is empowering and has a lot of heart.
Reading suggestions: If you are not sure whether walking away from your mortgage is the appropriate thing to do, read the book through rather quickly and don't get bogged down with the details of the various options available to you. If, on the other hand, you've already decided to walk away from your mortgage but want to do it with finesse and confidence, begin reading the book with pencil and tablet handy so you can capture the key points and action items as you go.
Be prepared to receive much more value from this book than the cover price suggests.
Steven Wallace, Co-author - The END TIMES Hoax and the Hijacking of Our Liberty
He also provides numerous websites and simple calculations that will help you decide what is your best option. His explanations help to reduce the emotional ties a homeowner has to his house, explains them and then encourages you to make a logical decision based upon your own particular situation. He helped me make up my mind as to what I should do and I know can help others who are facing one of the most critical decisions they will ever have to make.
Highly recommend to anyone who is facing an immediate foreclosure situation or would like to know more about this subject.