{"id":2733,"date":"2014-11-10T07:00:02","date_gmt":"2014-11-10T12:00:02","guid":{"rendered":"https:\/\/nybankruptcy.net\/main\/?p=2733"},"modified":"2018-12-07T07:48:41","modified_gmt":"2018-12-07T07:48:41","slug":"st-louis-fed-sees-little-improvement-for-underwater-homeowners","status":"publish","type":"post","link":"https:\/\/nybankruptcy.net\/main\/st-louis-fed-sees-little-improvement-for-underwater-homeowners\/","title":{"rendered":"St. Louis Fed Sees Little Improvement for Underwater Homeowners"},"content":{"rendered":"

If the Federal Reserve Bank of New York found that money and debt problems are causing a “bottleneck<\/a>” in homeownership, then the Fed’s Saint Louis branch has made its own unpleasant discovery using the same data: In the last three years the percentage of households with negative equity has barely budged. An analysis of the Survey of Consumer Finances determined that of all households with mortgage debt, more than ten percent had negative equity and twenty percent had less than ten percent equity in their homes. The implication is that rather than short-selling their homes or filing bankruptcy, these homeowners are choosing to wait things out.<\/p>\n

Here’s the image the St. Louis Fed posted to illustrate the rapid rise in low and negative equity over the last decade.<\/p>\n

\"\"<\/a><\/p>\n

On the bright side, sort of, the researchers behind the report noted that homeowners who have been in their residences for an extended period might not accurately estimate the value of their houses. It could be that their homes are worth more than they think.<\/p>\n

Unfortunately, the authors predict that the housing market will continue to be “fragile” until home prices rebound. That doesn’t appear to be happening, though, despite the government’s efforts, and the article warns that underwater mortgages are a necessary condition for default. Consequently, with many New York area homeowners possibly facing foreclosure<\/a>, things are probably not improving.<\/p>\n

The Saint Louis Fed’s report can be found here<\/a>.<\/p>\n

If you or your family is living in an underwater or low-equity home, there are alternatives to staying and paying. A short-sale or offering the lender a deed in lieu of foreclosure can result in forgiven debts, which will probably result in a tax liability. Instead, homeowners can file chapter 7 bankruptcy, surrender the home, and clear the mortgage deficiency without a tax burden. There might be other options, but it’s worthwhile to discuss your situation to a New York bankruptcy lawyer to understand them fully.<\/p>\n

For answers to more questions about bankruptcy, the automatic stay, effective strategies for dealing with foreclosure, and protecting your assets in bankruptcy please feel free to contact experienced bankruptcy lawyers near me<\/a> Bruce Weiner for a free initial consultation.<\/p>\n","protected":false},"excerpt":{"rendered":"

If the Federal Reserve Bank of New York found that money and debt problems are causing a “bottleneck” in homeownership, then the Fed’s Saint Louis branch has made its own unpleasant discovery using the same data: In the last three years the percentage of households with negative equity has barely budged. An analysis of the …<\/p>\n

St. Louis Fed Sees Little Improvement for Underwater Homeowners<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[16,7,10,14],"tags":[11,15],"acf":[],"yoast_head":"\nSt. Louis Fed Sees Little Improvement for Underwater Homeowners -<\/title>\n<meta name=\"description\" content=\"If the Federal Reserve Bank of New York found that money and 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