Almost one in four Maryland homes with mortgages are worth less than the debt owed on them, the Baltimore Sun reported on September 14, 2011. A report from the Santa Ana, Calif.-based housing-data firm CoreLogic showed that 23.6 percent of local homes with mortgages were “under water” or had “negative equity” in the second quarter.
The state’s figures were unchanged from the first three months of the year, which kept Maryland ranked in the top 10 on CoreLogic’s negative-equity list. After being eighth in the country during the first three months of the year, Idaho’s negative equity share fell and moved Maryland up to seventh, according to the Sun.
Baltimore’s 121,000 negative equity homes translated to only 19 percent of the metro area’s borrowers, which the Sun noted was “essentially the same as the situation at the start of the year.” According to the CoreLogic report, the entire state of Maryland had 320,881 negative equity mortgages.
Foreclosures might help lower the number of negative equity borrowers, but hardly help anybody other than the banks. If your mortgage is under water or you are in the 5 percent that is nearing negative equity, then now is the time to speak with a Maryland bankruptcy lawyer to end creditor harassment and get deserved relief today. Our Maryland bankruptcy law firm can help you eliminate bills and stop foreclosure by answering all of your questions about a Chapter 13 or Chapter 7 bankruptcy process. Before you enter a Maryland bankruptcy court or file a bankruptcy means test, be sure to speak with our qualified Washington DC and Maryland bankruptcy attorney who has the experience to manage your case from start to finish.