According to information recently released by ATTOM Data Solutions – a company that gathers, analyzes, and organizes real estate market information and data for businesses and homeowners to use for various reasons – almost 10% of all homes in the United States with a mortgage were "seriously underwater" at the end of the 2017 first-quarter.
· Blomquist says between 2000 and 2008, the average length of time a home owners stayed put was 4.26 years. Since then, it’s been slowly rising and was 7.88 years for 2016 home sellers. That’s getting close to “double” the amount of time that homeowners are waiting to “move up”. So which states have the most underwater mortgages?
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· Best and worst cities for underwater mortgages a decade after the housing crisis. The share of homeowners who owe more on their mortgages than their.
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Not every seller qualifies for a short sale, and not every underwater home is a strong candidate for a short sale. Take Maria’s home, for example. Maria bought a home in Sacramento in 2005, and she put down more than $100,000 in cash. She made a few minor improvements and updated the kitchen.
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An "underwater" mortgage is when the balance of the mortgage loan is higher than the fair market value of the property. This type of situation became common following the housing market crash that occurred in the late 2000s when many homeowners saw their homes lose a considerable portion of their value.
This is what’s caused most of us to borrow more than we ever should have, live way beyond our means and get inthis financial mess. So in short, if your home is underwater and you’re filing Chapter 7 bankruptcy, do not reaffirm. If you want to keep your home, simply stay in it and keep sending your on-time mortgage payments to your lender.
The housing research group defines "seriously underwater" as owing more than 25 percent than the home is worth. More than 1 in 6 homeowners with mortgages were seriously underwater in the.