And the more money you make the higher percentage you can afford. We suggest you aim for a mortgage payment that is between 20%-28% of your gross income. And that your total debt payments do not exceed 50% of your after tax income. Don’t Forget to Budget for all Mortgage Costs. A mortgage is more than just a monthly mortgage payment.
Underwater Mortgages: Nearly One Quarter Of Mortgage Borrowers Owe More Than Their Home Is Worth CHARLES HUGH SMITH DailyFinance By the end of the first quarter of 2010, the number of mortgaged residential properties with negative equity had declined slightly to 11.2 million, down from 11.3 million at the end of 2009, according to a report.
In a separate Zillow survey conducted by Ipsos, 59% of home owners said they would not make the decision to strategically default if they were underwater on their home by more than 40%. Nearly 75% of home owners in the US with an underwater mortgage are underwater by 40% or more, according to Zillow’s first quarter Negative Equity Report.
FHFA expands suite of loan mod tools HAMP was originally meant to help up to four million homeowners permanently modify their mortgages. But since the program began, only 1.4 million permanent loan modifications have been made through HAMP, according to the latest data from HUD. The deadline to modify your mortgage under the Home Affordable Modification Program is Dec. 31, 2015.
According to a popular real estate website, more than 28% of U.S homeowners are in a negative equity position because they owe more on their homes than those homes are worth. Having negative equity makes it hard to sell your house because a potential buyer is very unlikely to make you an offer sufficient to cover your loan balance.
· The share of homeowners who owe more than the value of their home is 9.1 percent, falling below 10 percent for the first time since the housing market fell, according to Zillow®’s 2017 Q4.
Sarah Edelman, the director of housing policy at the Center for American Progress, cautions that the connection between underwater mortgages. worth of home value and the loss of more than 10.