Skip to comments.11.3 million homeowners underwater on mortgage
Posted on 02/24/2010 2:58:14 PM PST by george76
More than 11.3 million homeowners -- nearly one-fourth of all Americans with a mortgage -- owe more on their loan than their home is now worth...
More than 10% of people with mortgages owe 25% more than their home is worth.
The number of underwater mortgages increased by about 620,000 from the third quarter... Another 2.3 million mortgages had less than 5% equity in their home, which could be wiped out if home prices fall further.
Underwater mortgages are concentrated in few states: California, Florida, Nevada, Arizona, Michigan and Georgia. In Nevada, 70% of mortgages were underwater. In California, more than a third of mortgages were underwater.
(Excerpt) Read more at marketwatch.com ...
Fruits of outsourcing.
Hard work is a good thing but you took advantage of the over inflated prices just like those people did. Only they got stuck holding the bill and you had better timing.
you mean people actually laughed at you? how awful to be surrounded by such people...
I’m over it now. I can afford Patron now.
Others can eat noodles too.
oh--my favorite... Patron Silver... smooth... Patron also has a Platinum...
I guess i can see your point...but look at it this way...other peoples kids will be paying your social security benefits.
What’s so hard about reading the dang paperwork, and asking questions to uninterested 3rd parties about anything they didn’t understand?
And if the answers raised too many questions... then trying to get a different loan that didn’t have the problems the 1st one did?
Whats so hard about understanding the world isn’t black and white. That unethical people take advantage of other people.
Whats so hard about understanding that we are in the middle of a major economic crisis and many people have no control over their situation.
Neidermeyer isn’t the one serving... but the one b@#*&ing about having to pay for someone who is.
Not hard at all, I have to advise my troops about what to do with their homes when they’ve got to PCS. Which, personally, I think was incredibly foolish of them to buy, knowing that military member move at the drop of a hat.
I usually tell them to rent out their homes and use the rent money to pay off their mortgage... while living in an apartment at their next duty station.
But for the majority of Americans, that doesn’t apply. They buy homes with the intent to live in them for as long as they possibly can. And if you’ve lost your job, almost all states have laws on the books preventing you from being evicted from your home if you fail to make payment. So I really don’t see what the gripe is all about. It’s not like people are going to turf you out of your home.
Plus, if you’ve got to move to take a new job somewhere else, the rent out your original home instead of selling it... and use the rent monies to pay down your mortgage. If it’s not enough, well, it’s better than nothing... and if you keep at it long enough, you’ll end up with a paid for home that, in time, will still be worth more than you paid for it.
“And if youve lost your job, almost all states have laws on the books preventing you from being evicted from your home if you fail to make payment. “
huh? baloney, make your payments or they will start foreclosure proceedings.
“Plus, if youve got to move to take a new job somewhere else, the rent out your original home instead of selling it... and use the rent monies to pay down your mortgage”
yeah that good ole renting. I rented one of my houses out and they destroyed it.
I take it you didn’t have a rental agency screening potential renters?
Oh I had a very good property manager who checked all references and credit and criminal background.
Some people know how to work the system and make a habit of it. I actually got off lucky, they took their TV, table, and bed with them. That allowed my lawyer to declare they had abandoned the property.
Dog and cat feces/urine throughout the house. Five truckloads of garbage including piles of cigarette butts on the carpet.
Renting is very risky in this market especially when you are not local.
The foreclosure process.
It’s not as quick or easy as you might think... and there are a ways to reset the entire process.
Depends on the banks and the situation. The process is filled with lawyers taking advantage of people, banks not responding, and desperate people.
If you have zero equity, how can you be a “homeowner”?