Nearly 11 million Homeowners are Underwater, which means they owe more on their mortgage than their property is worth. Below are some of your options for overcoming this battle.

Wait It Out: Although short sales and foreclosures are bringing down home values, the housing market is slowly recovering. If you are able to continue to make payments - do it. It will save your credit score and keep your morale intact.

Increase your Income: In these tough economic times many Americans are dealing with job loss. In a panic, many believe that abandoning their home is their only option. However, if you are not willing to leave your home you can help yourself by saving as much as possible.

Refinance: If your loan is owned by Fannie Mae or Freddie Mac and you have no late payments in the past six months and no more than one late payment in the past 12 months, you may qualify for the Home Affordable Refinance Program. Contact me today to see if you qualify.

Cut your budget to only necessities: food, utilities, transportation, and shelter. Part time work may be all you need to cover the mortgage payments.

Short Sale: If you truly cannot pay your bills you may need to consider a short sale in order to avoid foreclosure. Work with your realtor to get the best offer. I can help you find a solution with the remaining mortgage balance.