Statistics of Mortgages Underwater - You're not Alone!
Nearly One out of Every Two Mortgages- Underwater in Ohio
According to the Newest Information from CoreLogic Data, if your mortgage is underwater, your not alone. Data from Mortgage Bankers Association & CoreLogics is reporting a dramatic increase in negative equity and a need for Mortgage Loan & Foreclosure Reform.
Ohioians - Ohio joins California, Florida, New Jersey, Illinois and Arizona as the top states in the nation with the most number of properties either IN or approaching negative equity position, according to the report. Of the 2.2 million outstanding mortgages in Ohio, 45.6 percent - more than one million mortgages - are already underwater or close to it.
"In addition to the 7,000 or so foreclosures each month in Ohio, we have more than one million mortgages in a very fragile position,” said Bill Faith, executive director of the Coalition on Homelessness and Housing in Ohio, and an advocate for House Bill 3, foreclosure reform legislation. “A slight increase in unemployment could push tens of thousands more into the foreclosure pipeline. A million mortgages on the edge of crisis should push the Ohio Senate to make foreclosure reform the top priority.”
Contact your Representative. by zip code. Search for your Governor by state. Send your ideas: be it, short term mortgage adjustments, equity adjustments or extensions till Jobs are Created.
“With negative equity so high, a sustainable loan modification makes sense for everyone, including the owners of the mortgage.” said Faith. “For lenders, homeowners and communities in Ohio, HB 3 would turn losing into winning.”
A solution and plan needs to be inforced before every state joins the 1 out of 2 Mortgages on the negative equity list. Creative thinking is needed and your representatives need to hear your ideas and suggestions.
See Your States Mortgage Equity Statistics from Corelogic Data on page Three.
Posted at 05:59PM Dec 23, 2009 by Victoria Luhring in Mortgage and Stimulus Money | Comments[0]
