|
The Home Foreclosure Crisis |
- Decreased Home Values are creating "negative equity".
- "Real estate Speculations" Many think of their homes as an investment, rather than a place to live.
- Prices are plummeting, especially in once-sizzling markets like California, Florida and Nevada.
- Median home price in the U.S. dropped 9% in Sept 2008. Down 17% from the peak in July 2006.
- 23% of homeowners with a mortgage owe more on their loans than their homes are worth.
- Some home owners will mail their keys to their lender which leads to a foreclose.
- Huge levels of "Negative Equity" People who owe more than their homes are worth.
- Apply for "Mortgage Loan Modification" if you are in a "negative equity" situation.
- Refinancing is not available for "negative equity" home owners.
- Loan modifications vary depending on many conditions, but can include deferring payments, allowing partial payments, lowering the interest rate and lowering the principal balance.
|
