Walking away from your mortgage in most states seems like the worst thing that you can do. Well in many cases it is. With short sales on the rise and agents finding themselves with even less time on their
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hands they are finding that hiring 3rd party negotiation firms are the way of the future. With most processing companies for loan modifications and short sales being fly by night we have seen that many of our clients benefit from our no upfront fees process. Confidence comes when you client knows that they are only are only going to pay for what they asked for and with the short sale processing that we provide they are not going to pay anything at all as we get paid directly from the bank as a part of the approved settlement costs. Win/Win for everyone and that is a great combination during these tough times. The article below speaks about how we are no longer facing that odd home being the only short sale but where we are now is 1 out 4.
Report shows 10.7 million borrowers are stuck with homes that are worth less than the mortgages they owe.
NEW YORK (CNNMoney.com) — In a sign that more foreclosures could be on the horizon, 23% of people with mortgages owe more than their home is worth, according to a report released Tuesday.
Almost 10.7 million U.S. mortgages were “underwater” as of September, said research firm First American CoreLogic.
Another 2.3 million homeowners are within 5% of negative territory, the report said. The two figures combined comprise almost 28% of all residential properties with mortgages.
Negative equity, also called an “underwater” or “upside down” mortgage, has become more common as home values plummet. The report is closely watched because borrowers who are underwater are more likely to be foreclosed.
Would you walk away from your house?Foreclosures have been rampant for some time, but lately the tide of decay had seemed to be slowing — so Tuesday’s report could dent optimism for the housing market over the next few months.
http://money.cnn.com/2009/11/24/real_estate/mortgages_underwater/index.htm
Report shows 10.7 million borrowers are stuck with homes that are worth less than the mortgages they owe.
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