Another 8.3 Million Underwater Homeowners on Track to Resurface Before 2015

This was reported today by RisMedia

While 10.7 million residential homeowners nationwide owe at least 25 percent or more on their mortgages than their properties are worth, another 8.3 million homeowners are either slightly underwater or slightly above water, putting them on track to have enough equity to sell sometime in the next 15 months — without resorting to a short sale,

that was today, yesterday report I read stated that more divorces were filed as more people were deciding to leave the marriage and cash out on the equity! Well that was disturbing...

What is also disturbing in these stats is the number of homes that have second mortgages and lines of credit that are sitting at soon to be huge interest rates, what then happens to the so called equity???

Time will tell how the banks will deal with this new issue, in the meantime I have seen that the court ruled on a suit filed by several against Wells Fargo who did trial loan mods that people were then told after the trial period that Wells would not modify the loan...Court ruled Wells needed to offer a valid loan modification.

Interesting turns as the market continues to look up...