The housing market has taken quite a toll on the U.S. economy, one of its biggest casualties is the psyche of the American home owner. A trend that has gained momentum over the past twelve months is property owners with mortgages that are not delinquent simply walking away. Some of these home owners call their back and turn over their keys or simply move out of their home. This new trend will have a startling impact on future home values if not corrected. One of the underlying reason property owners are doing this is that they are said to be underwater in their homes, owing more than they may be worth. Some recent suggestions out of congress to help with this is that home owners who owe more than the value of their property should be allowed to refinance and the lender places a silent second on the home that only becomes due if the owner sells or refinances the home and the value has increased. The damage a home owner does to their credit by walking away from their home is equivalent to a bankruptcy and the immediate decline to the neighborhood is a huge motivating factor for all parties to begin working together to help stabilize the housing market.

3-12-2008©LowRateMortgage.com

Compare free quotes from top lenders to find  the lowest mortgage rates online

LowRateMortgage.com is not a bank, broker or direct lender and is strictly operating in an advertising capacity.

LowRateMortgage.com is a MarketingRelationship.com, LLC company