Value Of Your Home vs. How Much You Owe

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Throughout the country just about everyone was either selling their real estate or getting a home equity loan during the real estate boom.  Those who took advantage had all the extra money to buy and do what they wanted.  Now one way or the other everyone is paying the price

According to CoreLogic at the end of March 2011 about 10.9 million borrowers owed more on their mortgage than the home was worth.  The good news is that number is less than the 11.1 million who owed more than their home was worth in December 2010.  Home value in some areas has begun to increase and new rules from Fannie Mae will help lessen the number of foreclosures making the value of many homes stabilize.

Many of the homeowners that are facing problems with what they owe are those who took out Home Equity Loans during the real estate boom.  Approximately 40% of those homeowners now face owing more on their mortgage than the home is worth.  Anyone who owes more than their home is worth should contact their mortgage company or home equity lender.