On May 20, 2014, Mary Ellen Podmolik of the Chicago Tribune reported that fewer Chicago-area homeowners were underwater on mortgages, but those in lower-priced homes were still struggling with 45% of them being underwater. She states that more homeowners with mortgages are recovering equity in their homes that was lost during the housing crisis, but the low end of the local housing market remains in bad shape.
She stated that almost 45 percent of Chicago-area homeowners with homes valued at less than $103,800 were underwater on their mortgages at the end of March, owing more on the loans than the current value of the property. Meanwhile, among homes valued at more than $330,800, only 13 percent of those with mortgages were underwater. Another 28 percent of mortgaged homes with values between $103,800 and $330,800 were underwater.
"The unfortunate reality is that housing markets look to be swimming with underwater borrowers for years to come," said Stan Humphries, Zillow's chief economist. "It's hard to overstate just how much of a drag on the housing market negative equity really is, especially at the lower end of the market."
Bradford Miller Law, P.C. can help you get back on track. You have options and we at Bradford Miller Law can provide you with information about the Short Sale process. This option is not as damaging to a person's credit as a foreclosure or bankruptcy. We can can help you make an informed decision and legally guide you through the short sale process. Give us a call at (312) 238-9298 for a free 15-minute consultation. Our office has experience handling short sales in Chicago and the surrounding suburbs.
Posted by Bradford Miller Law, P.C.
134 N. LaSalle Street, Suite 1040
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
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