The Data and Analytics division of Black Knight Financial Services released its latest Mortgage Monitor Report, which analyzed data as of the end of April 2014. The report found that there were roughly 2 million modified mortgages facing interest rate resets, with 40 percent of those loan modifications currently underwater.
According to Black Knight, more than one in 10 of all active loans are in near negative equity positions, with 9.0 percent equity or less.
"We have seen a continual reduction in the number of underwater borrowers at the national level for some time now, but modified loans show a different picture," said Kostya Gradushy, Black Knight's manager of Loan Data and Customer Analytics. "While the national negative equity rate as of April stands at 9.4 percent of active mortgages, the share of underwater modified loans facing interest rate resets is much higher—over 40 percent."
Gradushy noted that another 18 percent of modified borrowers have 9 percent equity or less in their homes, and that resets in interest rates pose an increased risk for defaults in the years ahead.
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.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
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