It's unfortunate that so many homeowners got caught buying a home at the height of the market
Salt Lake City, UT (PRWEB) September 27, 2012
More and more homeowners are facing the harsh reality that their homes may be upside down or have an underwater mortgage for years to come. "It's unfortunate that so many homeowners got caught buying a home at the height of the market. Most of them now have underwater mortgages and they owe a lot more than what their home is worth," says Jarad of Foreclosure University.
Unfortunately, when a home is upside down, the homeowner doesn't have many options if they run into any financial hardships, which is very common right now. Many homeowners are losing their jobs or cutting back because of economic conditions. If they can't afford their mortgage payments anymore and are caught with an underwater mortgage, there is not much they can do.
They can't sell their home because no one is going to pay above what it's worth. Renting might be an option, but in most cases it's not. They can't refinance. Loan modifications are temporary and unsuccessful most of the time.
Now they face a difficult decision on what to do. More and more homeowners are strategically defaulting on their residences because they don't see any other option. A short sale may be a good option but they still have to move out and it affects credit.
Now there is a solution. Foreclosure University launches a new underwater mortgage campaign specifically targeting homeowners that are upside down with 2nd mortgages. They have found a solution that allows them to reduce 2nd mortgages up to 95% of their loan balance.
The homeowners get to stay in their homes, reduce their monthly payments, create equity once again, and not affect credit. This could be a huge break for homeowners who have underwater mortgages looking to establish equity once again.
To learn more about the underwater mortgage campaign visit http://www.ForeclosureUniversity.com