One slice of sellers is faring much worse than everyone else in terms of equity built up in their homes, according to new data from the NAR.
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Helping owners STOP mortgage misery at PainfulPropertySolutions.com
Those who bought their homes 8 to 10 years ago, at the height of the real estate bubble—have gained almost no equity in that time, an average of just $3,000 or 1%, said Jessica Lautz, the NAR’s managing director of survey research and communication.
Plus, many of the negative amortization loans written from 2005-2007 are now converting causing severe financial hardship to homeowners and real estate investors. I am speaking with quite a few owners whose mortgages have converted this year. One investor's payment has tripled, needless to say I am helping him sell in a short sale.
If you or someone you know is in this situation, please reach out to PainfulPropertySolutions.com