Wednesday, February 24, 2010

Underwater Mortgages Hit 11.3 Million

Millions of homeowners are underwater on their mortgages — owing more than their homes are worth — according to new research released this week. According to the study conducted by First American CoreLogic and reported by, more than 11.3 million residential properties, or 24 percent of all homes in the U.S. with mortgages, were in negative equity at the end of 2009.

Many of the people who own these homes are facing foreclosure because of job loss or other circumstance. Faced with these issues, many homeowners are confused about what to do.

Disreputable companies are betting that people in financial distress will be easy targets for their foreclosure and mortgage modification scams. NeighborWorks America continues to push its loan scam prevention efforts and promote its foreclosure prevention counseling initiatives.