7.6 Million Borrowers Underwater on Mortgages: Study

CoreLogic, which digs down to the metro level in the study, found that 10,617 residential properties, or 6.9 percent of all homes, were underwater. mortgage, about 9.7 million hold less than 20.

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According to a new study from DataQuick, the updates to the Home Affordable Refinance Program (the updated program is commonly referred to as HARP 2.0) could help as many as 6.7 million borrowers with loan-to-value ratios of more than 125% refinance their mortgages. As many as 13.8 million mortgages may meet be eligible for HARP 2.0.

Still, that’s about 3/4 million less than were underwater in Q2 of this year. The total number of homes with underwater mortgages (often called "upside down" or "negative equity" properties, meaning.

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Few states saw as big a housing bubble as Nevada, and the bust has left nearly two-thirds of the state’s mortgage borrowers underwater. Around half of all loans backed by Fannie Mae in the state are deeply underwater, where borrowers owe more than 125% of the value of their homes.

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Only 12% of borrowers who received principal reductions re-defaulted in 2011, Amherst found. That’s compared with 23% of borrowers who received mortgage modifications with interest rate reductions.

As of the end of December 2008, more than 8.3 million U.S. mortgages, or 20% of all mortgaged properties, were in a negative-equity position – a jump from September 2008’s total of 7.6 million, according to First American CoreLogic’s latest negative-equity report. During the fourth quarter of 2008, an average of 230,000 borrowers a month [.]

Still, that’s about 3/4 million less than were underwater in Q2 of this year. The total number of homes with underwater mortgages (often called "upside down" or "negative equity" properties, meaning.

The percentage of "underwater" borrowers rose to 20 percent from 18 percent. Another 2.16 million properties could go underwater if home prices fall another 5 percent, the study shows.

Here’s a dilemma facing an estimated 11 million homeowners, or more than one out of every five mortgage holders. will open HARP up to about 4.7 million of the 11 million borrowers who are.