Friday, November 11, 2011
Underwater Mortgage News in Washington State
Great Video from CNBC Realty Check above.
Some of the highlights:
1) 11 Million borrowers currently owe more than their homes are worth
2) The New Obama HARP program is currently the administrations response. Analysts believe the program will benefit 1-2 Million borrowers
3) When you take into account the costs to sell your property, nearly 50% of all loans could be underwater.
For more on your rights in Foreclosure or Short Sale, consider seeking counsel from a Seattle Foreclosure Attorney or a Seattle Short Sale Attorney.
Our Firm:
Weitz Law Firm, PLLC
520 Kirkland Way, Ste 103
Kirkland, WA 98033
425 889-9300
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Hmm. Well, if you won't ask - I was almost like to be included on those borrowers who own more than their own homes are worth. Thank God I did not end up being like one and I was able to settle everything I have to.
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ReplyDeleteIf the owner loses his or her job and is unable to keep up the payments on all outstanding mortgages, the third mortgage effectively places the finances of the owner into an underwater situation.
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