Is your home worth less than what you owe on the mortgage, or mortgages?
That is called: underwater.
This encourages people to stop paying and let mortgage foreclosure happen, even if they can afford the payments.
In Michigan now, for homes that have a mortgage more than half are underwater.
Tune I ...
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Tags: . mortgage foreclosure, avoid foreclosure, banking, finance, foreclosure, foreclosures, home worth, house payment, loss mitigation, mortgage, mortgage companies, mortgage foreclosure process, mortgage modification, mortgage payment, mortgages, negative amortization, personal finance, real estate, real property law, valuation
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The national foreclosure crisis is deep into the negative equity phase, as reported in the Christian Science Monitor this week.
Negative equity, that is, your home is underwater, worth less than you owe on it.
As I have ...
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