There was an article over at the WSJ on the ever increasing number of people who owe more on their mortgages than the value of their home. If you still have equity in your home and an interest rate of 6% or higher contact us today to look into a refinance.
Here are some excerpts from the piece:
The downturn in home prices has left about 20% of U.S. homeowners owing more on a mortgage than their homes are worth, according to one new study, signaling additional challenges to the Obama administration’s efforts to stabilize the housing market.
The increase in the number of such “underwater” borrowers comes amid signs that falling prices are making homes more affordable for first-time buyers and others who have been shut out of the housing market. But falling prices also make it more difficult for homeowners who get into financial trouble to refinance or sell their homes, and for others to take advantage of lower interest rates.
…
Real-estate Web site Zillow.com said that overall, the number of borrowers who are underwater climbed to 20.4 million at the end of the first quarter from 16.3 million at the end of the fourth quarter. The latest figure represents 21.9% of all homeowners, according to Zillow, up from 17.6% in the fourth quarter and 14.3% in the third quarter.
February 8th, 2015 at 7:32 pm
My home is under water, my interest rate is around 9.5%
and in 2011 I had to file a chapter 7.
is there any way I will see day light again? please send me a dream team to get me out this mess.
thx.