In a recent CNNMoney.com article, Les Christie writes that “nearly a fifth of U.S. borrowers are “underwater”, which means that they owe more on their mortgages than their homes are currently worth. Another term for this would be “negative equity”.
In the article, Nevada tops the list with a whopping 47.8% of all mortgages currently experiencing negative equity. California ranks fifth with 27.4%. Oregon however, made the list of the top 10 fewest underwater loans at 7.5%…Rock On Oregonians!
If you are struggling to make your mortgage payment, call your lender right away and ask them how they can work with you to stay in your home. Ask them about the Hope for Homeowners (H4H) program that Congress created and became effective October 01 2008 and will run through September 30 2011. For more information about H4H go to http://hopenow.com/.
Real estate has always been a long term investment. The market will turn around. For some, sooner than others. In the mean time, we tighten our belts and hang on!
May 2009 find you above the surface, in joy and prosperity~
Kevin Gorman www.KevinGormanSells.com