Help for underwater homes – Although foreclosures may be down there may be a reason related to some of the help that underwater homes are getting.
Help for underwater homes
That help seems to be coming in the form of short sales. These sales are basically when a person with an underwater mortgage sells for less than they owe on the mortgage and the bank eats the difference, avoiding a foreclosure. Of course it means the deal is settled but sadly the homeowner has wasted all those years of paying.
This video explains a little about short sales.
THe WSJ also has an article on this news here.
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Have you considered a short sale or know anyone who has done it?
Related: Foreclosure activity by zip code
Thanks for reading – Help for underwater homes