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Additionally, if you took out a home equity line for home repairs, you may be even worse off with two loans tied to your home.Learn four questions you should ask yourself if you find yourself underwater on your mortgage.
Not every seller qualifies for a short sale, and not every underwater home is a strong candidate for one.A short sale is an agreement with a lender to sell a home for less than the amount still owed on the mortgage.
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Some underwater homeowners just stop making payments, move away, and send "jingle mail" (the keys) back to the bank. Wealthier homeowners whom find folly in paying a mortgage worth more than the house, plan for alternative housing, and abandon the property.
Almost no other region of the country has had to carry the burden of the reality of underwater mortgages than south Florida. Almost fifty percent of homeowners in Palm Beach, Broward and Miami-Dade counties are making payments on a mortgage with a balance that is more than their homes are worth. This is up about 3 percent from 2010.
An underwater mortgage is when a homeowner owes more on a mortgage than your house is worth. For example, your home is worth $250,000, but you owe $300,000 on the mortgage; that means you are underwater, or upside-down on your mortgage.
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If you get a negative result, your mortgage is underwater. As in the example above, say your total mortgage debt is $510,000. Based on your own research and after speaking to several real estate agents, you determine the likely market value of your home is $475,000. Take $475,000 and subtract $510,000.
Only 7% of mortgages are underwater here. For the benefits of living in a bigger city, you’re typically going to pay a little.
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If you’re underwater on your mortgage, you’re in good company. According to a report by black knight financial services, as of the end of 2015, an estimated 3.2 million homeowners across the country.