However, it is safe to assume that the vast majority of its bubble-era HELOCs are 2005-2007 loans and – as I have shown – perhaps 60-80% of them are collateralizing underwater homes. Because these are second liens, the HELOC on an underwater home becomes essentially worthless if the borrower defaults.

Top 10 states for ‘underwater’ homes. More than 1 in 6 homeowners with mortgages were seriously underwater in the second quarter this year. That’s the lowest level of seriously underwater homes since RealtyTrac began reporting negative equity at the beginning of 2012. In the hardest-hit markets, at least 1 in 5 homes are seriously underwater.

Many. homes are worth, respectively. But a whopping 11.8 percent – or 930,000 homeowners – still owe more than double what their home is worth. This is a precarious financial situation for all.

How many underwater homes hold risky second-liens? housingwire.com A second life for silent seconds risk? It could be, according to what RealtyTrac has found. Here’s what’s happening and why we all should be concerned.

can my second lien holder foreclose on my home loan if my first lien is current? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

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Not sure what going to happen a year from now r even two years but the game is a no end in sight thing like many others we all scared to death of what may hold later on down the line, I still have a job, but bills have gone beyond my control, my hrs are cut, my house note went up cause of taxes, home owner ins..

Not every seller qualifies for a short sale, and not every underwater home is a strong candidate for a short sale. Take Maria’s home, for example. Take Maria’s home, for example. Maria bought a home in Sacramento in 2005, and she put down more than $100,000 in cash.

13 Percent of Homeowners Are ‘Seriously’ Underwater on Mortgages Lower mortgage rates have kept homes affordable in many parts of the country. But the range of affordability is huge.

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Underwater mortgages are those on which borrowers owe more than their homes are worth. According to CoreLogic, only the San Francisco area has a lower percentage of underwater mortgages, at 0.6.

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