Today, one homeowner in four owns a house worth less than the mortgage on it. However, you can qualify for a refinancing only if the home's value is within five percent of the value of the loan. In other words, if you have a $300,000 mortgage on a house valued at $250,000, forget about help. And you are also excluded from help if you are behind in your payments -- the situation of most people who need help.
On Saturday, I posted this chart and wondered why Some people were calling for a housing bottom. That generated a ton of emails asking about for further
Who is more likely to walk away from a house and a mortgage -- a person with super-prime credit scores or someone with lower scores?
Gerry Brown warns of new wave of foreclosures unless banks act fast.