Of those, negative equity, also referred to as being "upside down" or "underwater," may be the most daunting hurdle to jump over. More than 27 percent of U.S. homeowners who had a mortgage were in a negative home equity position or had less than 5 percent equity in their home as of Sept. 30, according to CoreLogic, a real estate data service in Santa Ana, Calif.
Negative equity is heavily concentrated in five states: Nevada, where 67 percent of homeowners who had a mortgage were upside down, Arizona (49 percent), Florida (46 percent), Michigan (38 percent) and California (32 percent). Those figures mean substantial numbers of homeowners in those states have no chance of getting a home equity loan, even if they meet the income and credit score guidelines.
Why home equity loans are scarce
Homeowners who have equity, a strong credit score and enough income to support a second loan payment may still find only limited options to get a home equity loan or line of credit. That's due largely to changes in the lending industry, according to Shari Olefson, a real estate attorney with Fowler White Boggs in Fort Lauderdale, Fla., and author of "Foreclosure Nation," a book about the foreclosure crisis. Read More...
Top 10 things you can do NOW to beat a rate rise
Analysts are forecasting interest rates to rise by at least 1% by the end of the year. Here are 10 things you can do now to keep ahead of the inevitable rate rise: Read More...
Top 3 Texas VA Home Loan Benefits
One of the best home purchase loan options available to home buyers who qualify is the VA home loan. In Texas, this loan is available to veterans who have Read More... For the latest updates PRESS CTR + D or visit Stock Market news Today
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