According to CoreLogic, the number of borrowers in negative equity is back to late 2009 levels. As the following article points out, this data suggests more homeowners are struggling with loans that are worth more than their properties. This information leads CoreLogic’s chief economist to conclude that negative equity will take an extended period of time to improve, and if there is a hiccup in the economic recovery, it could mean a rise in foreclosures.
So what do you do if your house is underwater and you have a second mortgage as well? You should be aware that many second mortgage holders may be willing to negotiate a settlement on the loan, especially if the loan is underwater. To many individuals, this may seem like an overwhelming task to take on. If you are in that boat, we would recommend seeking the assistance of experienced debt settlement lawyer who negotiates debts like second mortgages. An experienced debt settlement attorney can often settle your second mortgage for much less than the total amount due either prior to or after a foreclosure sale.
Kevin Fallon McCarthy
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