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Dennis Norman Last week HUD announced changes to FHA home loan programs to provide refinancing options to homeowners who owe more than their home is worth. Under FHA’s new plan, existing underwater homeowners can refinance their existing non-FHA loan into a FHA loan as long as they are current on their loan and their [...] Seventy Percent of all mortgaged properties in Nevada are underwater
Dennis Norman According to a report released today by First American CoreLogic more than 11.3 million U.S. mortgages, or 24 percent of all mortgaged properties, are in a negative equity position meaning the borrowers owe more on their mortgage than their home is worth as of [...] Dennis Norman Last week I did a post about the Obama Administrations’ Home Affordable Modification Program (HAMP) and showed how it really has not been effective in helping keep families in their homes and avoid foreclosure as was the intention by the administration. When my kids tell me they don’t like the way I want [...] In the ongoing debate about whether one should walk away from an underwater mortgage or not, one University of Arizona professor speaks out strongly in favor of taking a hike. According to Brent T. White, an associate professor of law at the University of Arizona: A failure to grasp the true economics of the situation [...] Average value of home with “underwater” mortgage $210,300 – Average loan balance $280,000 – Average amount “upside down” $70,000 Dennis Norman According to a report released today by First American CoreLogic nearly 10.7 million U.S. mortgages, or 23 percent of all mortgaged properties, are in a negative equity position meaning the borrowers owe [...] Dennis Norman According to a report issued by First American CoreLogic more than 15.2 million U.S. mortgages, or 32.2 percent of all mortgaged properties, are in a negative equity position meaning the borrowers owe more on their mortgage than their home is worth. In addition, according to the CoreLogic report, there are an additional [...] |
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