(MoneyWatch) A few of the people that get in touch with myself after discovering my column otherwise hearing my radio tell you have a similar state: They wish to make use of low interest rates so you can refinance its mortgages, but their banking companies would not do so once the worth of their house is now below what is actually due to your loan.

Whenever you are most of us have heard of people who bought property when you look at the houses growth that they decided not to manage and you may who’re against foreclosures. However, even responsible customers just who purchased belongings well within their means and certainly will however manage their repayments have been in issues today. Trapped that have residential property worthy of less than just it pay out all the day to the mortgage, such as for example borrowers are essentially tossing currency away. [Read more…]