underwater mortgage

24% of Baltimore Mortgages are Underwater

February 16th, 2011

A recently released report shows that 24% of mortgages in Baltimore are underwater. A mortgage that is underwater means that the value of the house is less than what is owed to the mortgage company by the homeowners. The national average of homes underwater is 27%, so Baltimore homeowners are faring a little better than [...]

Strategic Default – Walking Away From Mortgage Obligations

May 11th, 2010

An unfortunate new trend has developed across the US - that of "strategic defaults" - homeowners walking away from their mortgage obligations. 60 Minutes did a story on this disturbing trend on Sunday. Watch CBS News Videos Online Though I understand the thought and concern about the low prices in areas, but I don't understand [...]