How long will you be underwater?

How long will you be underwater? About 16 million homeowners owe more on their mortgage than their homes are worth, which means they are “underwater.” So long as that condition continues, they have no equity that can be used to help finance the purchase of another house. On the contrary, they can’t sell the house …

Continue reading ‘How long will you be underwater?’ »

How long will you be underwater?

Are you an underwater homeowner?  It’s a trying situation to be in, and made worse by not knowing how long you will be in that position. Jack Guttentag wrote a great article on the topic, published on Inman News. Roughly 16 million owners are underwater; owing more on their mortgage than their homes are currently …

Continue reading ‘How long will you be underwater?’ »

Low Rates, High Obstacles to Refinancing Mortgage

As interest rates have slid over the past couple of years, Gabriel Bousbib of Englewood, N.J., refinanced his 15-year mortgage not once, but twice-cutting his interest rate in two steps from about 4.6 percent to 3.375 percent. He’s one of a number of homeowners who refinanced just a year or two ago, but decided it …

Continue reading ‘Low Rates, High Obstacles to Refinancing Mortgage’ »

Refinance or modify while it’s still possible

Interest rates have been very low for several years, and right now they are lower than ever, yet millions of mortgage borrowers who could profit from a refinance haven’t. Similarly, millions of borrowers who are having trouble making their mortgage payments but want to remain in their homes could have their mortgages modified to make …

Continue reading ‘Refinance or modify while it’s still possible’ »