In Suze Orman’s book The Money Class, she advises her readers to, “Do the calculations everybody. How much is it costing you to actually stay in that house? How many years will it take for you to pay more for that house than it is worth? If it’s 3 years, 4 years, 5 years, are you kidding me? That’s a house you really need to say bye bye to. It’s not worth the money.” Suze Orman advises homeowners who are upside down in their mortgages to get the bank to modify the loan. If that doesn’t work, she suggests that homeowners seek out a short sale or a deed in lieu of foreclosure. Continue reading →