by Tony Marino,
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UNITED STATES, Aug 21 — Though it seems like we’re getting weekly reports that the economy has ceased its nosedive, the nation’s homeowners aren’t out of the woods yet when it comes to mortgages and the value of their homes. As any homeowner can tell you, the value of the homes with mortgages on them have shrunk considerably since they took out mortgages on these properties. With two thirds of homeowners paying mortgages, this is a frightening trend.
To try to avoid having your home foreclosed on, talk to your mortgage lender
T
hough it seems like we’re getting weekly reports that the economy has ceased its nosedive, the nation’s homeowners aren’t out of the woods yet when it comes to mortgages and the value of their homes. As any homeowner can tell you, the value of the homes with mortgages on them have shrunk considerably since they took out mortgages on these properties. With two thirds of homeowners paying mortgages, this is a frightening trend.
So far, the decline of home equity has primarily struck homeowners with sub-prime mortgages, but recent months have seen a significant increase in the number of prime conforming loans as well as prime jumbo loans with the months to come seeing an even bigger increase in equity losses in these types of loans as well. The riskier home loans given during the housing boom already have much higher decline in value, half of those are underwater at present.
At this rate it is estimated that by next spring a full half of homeowners with a mortgage will owe more than their house is worth, with some owing far more than the equity in their homes. The months to come are expected to show more and more impact on mortgages that were in no way risky, instead affecting loans that were deemed quite safe.
The results of this trend are likely to be a continuation of the trends we’ve already seen in months previous: homeowners stressing over owing more money than their real estate is actually worth and consequently walking away from oppressive mortgages as a result. The word is that many homeowners who could either have their mortgages modified or otherwise keep their homes have even walked away from their mortgages because of the spreading feeling of gloom and doom in some areas.
It is estimated that by next year, some areas of the US that saw their housing values excessively inflated in the past housing boom will see more than ninety percent of their loans underwater by next year.
To try to avoid having your home foreclosed on, talk to your mortgage lender. There has been millions of dollars from the federal government put into helping homeowners manage their mortgages; with the monthly government reports on how well these financial institutions are doing to help people modify their mortgages, there should be some added incentive for them to be more helpful in this regard when you know that the opportunity is there for the asking.
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