Foreclosure Crisis: Underwater Homeowners Share Their Stories (PHOTOS)

What does it mean to be an underwater homeowner?

"I paid $245,00 and now [my home] is worth $117,000," writes a senior citizen living in Phoenix, Ariz. "I will have to work until I am 95 to pay off my loan," writes another homeowner.

These are the stories that some Americans are sharing on a new Tumblr blog called America Underwater, which aims to chronicle the lives of people who are living in homes that have radically declined in value. These people now owe more on their mortgage than their homes are worth.

The Tumblr was launched this week by two advocacy groups: The New Bottom Line and Rebuild the Dream. Both are calling on President Obama to fire Federal Housing Finance Agency Acting Director Edward DeMarco. They recently launched a Tumblr blog, America Underwater, to bring faces to the housing crisis. The site invites readers to share photos and stories of how they're being affected by their underwater homes.

As the country still struggles with the fallout from the financial crisis, increasing numbers are finding themselves in this position. Nearly a quarter of homes with a mortgage were underwater at the end of 2011.

Please view the slideshow below, and if you're one of the 11 million Americans who are underwater, tell us.

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Are you an underwater homeowner? If so, we'd like to hear from you.

Click the "add a slide" button to share your story with us.

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You must be over the age of 18 to make a submission. By submitting your photograph(s), you are granting AOL and America Underwater an irrevocable gratis perpetual license to use your photos on their websites, products and services. This permission includes permission to crop, color correct, reformat and otherwise manipulate the photographs for display by AOL or America Underwater without your review or approval. Further, by submitting a photograph, you are warranting and representing that the materials submitted do not violate the rights of any third party and that you have the right and authority to grant these rights and license.

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Comments

[Siebenstein]

06:41 AM on 12/03/2012

Actually you don't like to hear from us, since I told the naked truth about 6 months ago and my comment was eradicated. So, no you do not want to hear.

[Siebenstein]

06:37 AM on 12/03/2012

nobody cares

[thesamuraixx011]

12:54 AM on 08/28/2012

Their stories are all sad, but my heart goes for the one where the Dad ended up in the hospital (#7/16). Boy, that just hits too close to home...

[diana68]

11:04 AM on 07/15/2012

Not everyone who lost their home was due to buying a house they could not afford. Most people who are losing their homes now are the ones who have had their homes from before this collapse who have now lost their jobs due to this mess. For everyone who thinks that the homeowner had it coming simply hasn't had to go thru it...yet.

[Siebenstein]

07:15 AM on 06/20/2012

We can thank Obama for this crisis extension.

[TankGirlz]

10:37 AM on 06/07/2012

-$240,000 (California)

[tips8533]

04:10 PM on 05/07/2012

i'm not trying to sound rude in any way...but, if you pay your mortgage on time how does your house get foreclosed?

[Doc Hazzard]

02:58 PM on 04/19/2012

The wife and I have always lived below our means. We saved and didn't spend everything we earned for the month. We didn't buy things we couldn't afford, didn't eat out, didn't go on vacations. I'm 46 and I just paid off my house, it's nothing fancy but it's not a dive either. When we were offered the loan they said we could borrow twice what we were looking to get. We only borrowed what we thought we could handle, not what the bank was willing to lend. I just don't get why there's so many folks in this sad state. I just follow the advice and the ways of my parents which use to be common place, but I guess the old saying is true, common sense is not that common.

[Siebenstein]

06:39 AM on 12/03/2012

you do not understand what the banks did

[Doc Hazzard]

10:39 AM on 12/03/2012

I do, they offered loans to people that couldn't afford them just to make these toxic securities and bonds that they then sold off to pension plans and investors knowing they would fail, and also bet against those bonds. How is my paying off my loan not understanding what the banks did? Do you get paid per comment?

[Bob Duryea]

03:51 PM on 03/22/2012

Laws are made to be enforced not a free ride to the elite. Take World banks doing business under different company names it owns in states like, North Carolina. The World Bank's fledgling bank company that originated the loan was allowed to practice lending in the state of NC under the Federal Protective Legislation (what politician was behind this?) in NC that World Banks are not subjected to NC banking laws and are federally exempt from such. Appraisals created to falsify value of home by appraisers ( Speculators) behind Wall Street Investors under MBS which loans were selling as were over valuated to MERS value speculation which appraisers using different formulas evaluating worth ...made money for investors ...property values rise = profit for MBS derivative owners. Regulators seem to refuse to look at this predatory action which even now leaves employers with higher than value real estate value, locking hiring out, ...instead Attorney General's in each state sold out the victims to the violators who are fighting even harder to go after their profit making tools and stop Volcker Rule regulations from being applied.

[jstanavgguy]

10:07 PM on 03/21/2012

Buying a house is an investment. There are never any guarantees that an investment will grow in value.

Now, if you agreed to pay a certain amount for the house, that is what you owe. It does not matter that the house has decreased in value since you bought it. You agreed to the price. You took the money from the bank. You signed the contract.

If we are going to start giving money to people who lose money on an investment, I have a few stock purchases that are underwater.....

[glpseattle]

01:24 PM on 04/15/2012

we are not talking about giving money to people , but at least reducing interest rates so people can make their payments .
When banks got near zero interest rates from us , it's the least we can ask to have banks lower rates on us .
That's what i call fairness , but unfortunately fairness is not something we have seen in this country for a while

[Kimberly Hasler]

06:05 PM on 04/21/2012

We all realize we signed a contract with the Bank when we purchased our home. We know that, and of course know our obligations to that contract. However, when the individuals decided to create a mass false fiaco scheme that clearly knocked every single financial obligation off its feet. Even the Banks. But they got lucky didnt they? All the money they were out was somehow loaned or given back so they could get back on their feet. We are talking millions upon millions of dollars. What about us homeowners? What about what we lost in this housing fiasco? Why cant we get a better loan, better principle better rate? The banks sure got what they wanted. We homeowners got cheated when our homes took a dive after the collapse. Boy, that sure wasnt in our Contract was it? All we have ever wanted from our lenders is a fair share, to keep our homes and work with us. There is NOTHING wrong with that considering what our country is going through. Even the programs Obama so called put out there for help, didnt help. Why? So, when you people cast judgment on those of us that are having trouble with our homes, dont, you have no clue what we are going thru or what has happened in our lives.

[The Fosz]

08:40 PM on 03/21/2012

I live in a higher end market in Huntsville, Alabama. Out of 20 homes on the street 3 of the houses have sold for between $100,000.00 to $170,000.00 less than what they had paid for them. These were 3 beautiful homes the home owners could no longer afford the payments. With this terrible discounting it destroys the value of all the property in the neighborhood. It may have been better if all the neighbors would have tried to help these people financially. Now anyone in the neighborhood trying to sell their house will have to sell it at the discount these 3 families had to suffer.

[gangoflogic]

12:29 AM on 03/20/2012

http://www.youtube.com/watch?v=tN7GI0lkWPo

[gangoflogic]

12:20 AM on 03/20/2012

I know a bunch of people who owed very little on their house, pulled 200-400k on their heloc, and haven't made a payment in 2 years, so ya this "Crisis" is kicking but t for them...

[Joriet]

03:35 PM on 03/19/2012

Crony Capitalism = American Capitalism without regulation. Republicans hate regulation. Republicans hate America.

[Siebenstein]

05:19 AM on 03/21/2012

Truth

[The Fosz]

08:44 PM on 03/21/2012

You got that right ! ! !

[LVNVprog]

01:17 PM on 03/19/2012

Bush and Now Obama continue to provide Corporate Welfare for the Banks to let them fix the Housing mess theu Created. If You are Underwater - Give The Banks the Keys and let them Fix it. Politicians need too many campaign contributions to seriously have anyone truly Force The Banks to fix it. I would give Elizabeth Warren a Try though.