You wouldn't know it from the national media, but just because your home loan is underwater -- meaning you owe more than the house is worth -- that doesn't mean you're headed toward foreclosure. In fact, it may not even be a remote possibility. Here are some interesting facts that indicate "underwater" doesn't usually equal "foreclosure."
First, some background. According to data from First American CoreLogic, about 15.2 million U.S. mortgages, or 32.2% of all mortgaged properties, were in a "negative equity" position in June 2009. More pessimistically, the expected percentage of "underwater" loans may rise to 48% or 25 million homes according to a study released by Deutsche Bank earlier this year.
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