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Underwater: Options When Your Mortgage Is Upside Down by Chris Lauer

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Advice from an Underwater HomeownerDr. Daniel Fink

When dentist Dr. Daniel Fink bought his house in Kennett Square, Pennsylvania, in 2003, he paid about $650,000. Three years later, noting an appreciable growth in his dental business, Fink decided to refinance his home mortgage and use the equity from his house to acquire a new office space and pay for an assortment of upgrades and improvements. In 2006, his house was appraised for $875,000, which gave him plenty of money to create the perfect facility for his thriving dental practice.

“I wound up getting one of those loans where the rate was floating,” Fink said. “Then the market took a tank ...

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