What states are out front in this race to the deep waters? 

California, Nevada, Arizona and Florida, with Michigan, Ohio and Illinois close runners up.  This is about the number of homeowners that are affected by being under water with their mortgage loans.  This includes those that purchased or those that have refinanced their properties and cannot keep up the payments. 

Some of the reasons is that these homeowners are finding themselves up side down right at the point of their loan changing from one payment amount to a larger payment.  Some are finding that they are in hardship due to: loss of income, divorce, illness and other documented hardships.  Some are finding that they just don't want to pay the larger payment for their (decreased in value home).  Some are keeping up with the market and are just feeling they are doing the smartest thing by trying to keep their home when there is no equity in it and no sight of equity coming back for decades.  Some would just rather rent and not have the headaches that they now have or see coming down the pipelines. 

No matter where the homeowner falls, the news is not good. However, No matter where you fall in the "under water" nationwide situation - you do have options.

Here are some suggestions:

• Check with your lender to see what your options are (even if you do not want loan modification). 
• Document your situation, don't rely on a stressed out memory!
• Be truthful in what you tell the lender and the papers you sign - don't get excited and start making up stuff.  Remember what a paper trail means.
• Call an agent if you have to do a short sale - Time is of the essence once you cross over to having to do a short sale

Fact:  Freddie Mac estimates that 40% of the loans they have in foreclosure are on vacant homes. The borrowers are deciding they don't want a modification. Home prices have fallen so far that they will not see any equity for decades. So why pay?

WEBSITE: http://www.motheranddaughterrealtyteam.com

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Take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog  - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Family Realty Group and we also focus in Short Sales and the Pre-Foreclosure process and REOs/Bank Owned Properties.  Our aggressive marketing plan includes on-line listing advertising.