According to information recently released by ATTOM Data Solutions – a company that gathers, analyzes, and organizes real estate market information and data for businesses and homeowners to use for various reasons – almost 10% of all homes in the United States with a mortgage were “seriously underwater” at the end of the 2017 first-quarter. An “underwater” mortgage occurs when the remaining amount of a mortgage loan on a home or piece of real property is actually greater than the estimated fair market value of that same piece of property. A “seriously underwater” mortgage occurs if the disparity between a home’s actual value and remaining mortgage is 25% or more. For example: If a home has a remaining mortgage balance of $100,000 but is only valued at $75,000, it is “seriously underwater.”
Some of the most trouble neighborhoods with the highest percentage of “seriously underwater” mortgages include:
- Chicago, IL
- Detroit, MI
- Milwaukee, WI
- Maple Heights, OH
- Riverdale, IL
- Dolton, IL
- Las Vegas, NV
- St. Louis, MO
- Trenton, NJ
A spokesperson from ATTOM Data Solutions stated that negative equity was mostly in decline but still proved problematic for “often-overlooked pockets of the housing market.” In the first quarter of 2016, the number of homes that were “seriously underwater” was greater than the same this year, though. This could be indicative of an economic improvement, yet it is hard to say, as the number saw a slight increase since the fourth quarter of 2016.
(USA Today posted a full article regarding the ATTOM Data Solutions research. You can view it by clicking here and visiting the news group’s website.)
Using Legal Solutions to Handle Underwater Mortgages
If your mortgage is “underwater” or “seriously underwater,” you may already feel like you have run out of time to make necessary payments. But there might still be options to fight for your home or your finances. Atlas Consumer Law is a Chicago foreclosure defense and bankruptcy law firm that is backed by years of legal experience and an A+ Rating from the Better Business Bureau. The firm’s focus is helping clients, just like you, stop creditor harassment and save their homes from foreclosure, either through successful bankruptcy filings or other legal means.
Discover how you can manage your underwater mortgage by calling 312.313.1613 and speaking with an attorney from Atlas Consumer Law today.