The Losers In This Year’s Housing MarketMSN reported online regarding the winners and losers of the real estate situation this year. In this article, the local Jacksonville movers will report on the homeowners, groups and professionals that were at a disadvantage in 2011.
An obvious segment of the market that the real estate environment wasn’t favorable for is of course the people who owned homes with underwater mortgages. Those people had the least options regarding how to deal with this situation. For most people, underwater mortgages meant no equity and no equity meant no refinancing. Even short sales were hard to come by and many homeowners had to just walk away. According to research, at the end of the third quarter this year, 22.1% of all residential properties were in negative equity. An additional 2.4 million people had less than 5% equity. There’s a new program that lenders are trying to work with called the Home Affordable Refinance Program that many are hoping will change things in 2012.
MSN said foreclosure borrowers also got the short end of the stick. Many borrowers were told they qualified for a modification but it never happened for them and missed out on short sales. The local Jacksonville moving specialists learnt that some people had an even worst situation. They were foreclosed on and later on sued by the bank for the debt they still owed after the foreclosure sale. All My Sons of Jacksonville learned that banks are allowed to sue this way in 41 states and the District of Columbia.
Another bad situation was for people that modified their mortgages only to be defaulted again. These modifications that faulted were mostly made by private lenders not governmental programs. More than 4 million private modifications have been done since 2007, compare to less than a million through the Home Affordable Modification Program.
The All My Sons of Jacksonville movers hope you are not part of the real estate losers list of 2011. We hope you were able to stay afloat with your mortgage and ride the wave of this economy. If you are facing a foreclosure or need to relocate due to job opportunity, call the Jacksonville movers for professional moving services. We offer reputable moving whether it’s a long-distance move, an auto move or a last minute move. In the meantime, happy holidays from All My Sons Moving and Storage.