OMG This is the best news for homeowners like me. We bought a home in Aug 2007for $320,000 at 7.25% interest. The home appraised at $335,000, we were lucky to refinance from 7.25 to 5.75% interest in Dec 2007 before the market crahed. Lucky we both have jobs but have both taken cuts in pay but not enough to refinance under the laws.
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Among other things, the data shows that the five states hardest hit by the foreclosure crisis hold some other dubious distinctions as well. They also have the most underwater homeowners. Definition: An underwater homeowner is somebody who owes more on their mortgage loan than the home is currently worth. Thus they are underwater in the mortgage.
Nationally, 1.9 million homes are projected to be literally underwater by the. While wealthier homeowners may have more to lose in dollars, this scenario. 180,110 in the state with the second-most underwater homes, New Jersey.. 7/ 31. 802,555 Homes at Risk of 10-Year Flood Inundation by 2050.
This is what’s caused most of us to borrow more than we ever should have, live way beyond our means and get inthis financial mess. So in short, if your home is underwater and you’re filing Chapter 7 bankruptcy, do not reaffirm. If you want to keep your home, simply stay in it and keep sending your on-time mortgage payments to your lender.
Nevada Has The Most Homeowners In Negative Equity Las Vegas remains the epicenter for the nation’s housing crisis, the hardest hit city in one of the hardest hit states. The rate of underwater mortgages in Nevada. The ranks of underwater borrowers nationwide. be coming too late for some of the most troubled borrowers.
The percentage of underwater. 7 percent from 35 million in Q3 2014. In the last three years, borrowers with at least 20 percent equity have increased by 11 million, a substantial uptick that is.
Most Chapter 7 bankruptcy filers can keep a home if they’re current on their mortgage payments and they don’t have much equity. However, it’s likely that a debtor will lose the home in a Chapter 7 bankruptcy if there’s significant equity that the trustee can use to pay creditors.
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Why should underwater homeowners behave any differently from banks?. Walk Away From Your Mortgage! By ROGER LOWENSTEIN JAN. 7, 2010. But the housing collapse left 10.7 million families owing more than their homes are worth .. In some states, lenders also have recourse to the borrowers'.