{"id":6505,"date":"2014-06-03T12:45:05","date_gmt":"2014-06-03T12:45:05","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=6505"},"modified":"2014-06-03T12:45:05","modified_gmt":"2014-06-03T12:45:05","slug":"trouble-looms-2-million-borrowers","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/trouble-looms-2-million-borrowers\/","title":{"rendered":"Trouble Looms for 2 Million Borrowers"},"content":{"rendered":"

Trouble Looms for 2 Million Borrowers<\/h2>\n
\"Trouble<\/a>

Trouble Looms for 2 Million Borrowers. Image courtesy of David Castillo Dominici \/ FreeDigitalPhotos.net<\/p><\/div>\n

About 2 million borrowers with modified mortgages are facing interest rate hikes, according to Black Knight\u2019s April Mortgage Monitor Report. What\u2019s more, about 40 percent of those borrowers currently remain underwater, owing more on their mortgage than their home is currently worth.<\/p>\n

The lack of equity is one of the primary drivers of mortgage defaults and \u201cthese resets may indeed pose an increased risk in the years ahead,\u201d says Kostya Gradushy, Black Knight\u2019s manager of loan data and customer analytic. \u201cWe have seen a continual reduction in the number of underwater borrowers at the national level for some time now, but modified loans show a different picture.\u201d<\/p>\n

Nationwide, the negative equity rate is 9.4 percent of all active mortgages. An additional 18 percent of borrowers with modified mortgages have 9 percent equity or less in their homes, which poses some concern, Gradushy says.<\/p>\n

\u201cIf you do not have about 10 percent equity in your home, you don\u2019t make any money if you sell the house because closing costs are about 8 percent,\u201d says Jim\u00a0Gaines, research economist with the Real Estate Center at Texas A&M University.<\/p>\n

Source: \u201cBlack Knight: 2 Million Borrowers Can\u2019t Afford Rate Resets<\/a>,\u201d HousingWire (June 2, 2014)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Trouble Looms for 2 Million Borrowers About 2 million borrowers with modified mortgages are facing interest rate hikes, according to Black Knight\u2019s April Mortgage Monitor Report. What\u2019s more, about 40 percent of those borrowers currently remain underwater, owing more on their mortgage than their home is currently worth. The lack of equity is one of … <\/p>\n

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