Many people are looking at their home values, and noticing that they have negative equity -- that they owe more on their mortgages than their homes are worth. In the case of being underwater, you have a variety of options. You can keep making payments, which can be a good choice if you can afford your payment and don't plan to move, or you can look for ways out. Some of these ways out include strategic default, mortgage modification and short sale. Before you decide what to do, though, it is a good idea to consult with a financial professional.