It’s mortgage Monday, or Black Monday in the case of our two guests.
Today, we are joined by two rather ordinary Seattleites who got buried by the economic downturn – and in one case a crooked contractor – and are now left with property that’s worth a fraction of what they owe. For instance, a pile of dirt near Green Lake that carries a $350K mortgage.
With an estimated 25% of homeowners in America under water on their mortgages, these stories, though horrifying, are becoming rather commonplace.
What are their options? What are the bank’s options? What does a foreclosure look like to someone going thru it? Eric McNamee is our mortgage expert who specializes in foreclosures.