Roughly 16% of mortgages on the LendingTree network in Washington are worth less than what is owed on the loan.
LendingTree is an online exchange for mortgages. According to LendingTree, Washington came in slightly below the average negative equity national average of 18.1%. The state with the lowest percentage was Oklahoma with 6%. Nevada topped the chart at 69.9%.
Government default studies have shown a direct correlation between rates of negative equity and default rates. Homeowners who owe substantially more than their home is worth are much more likely to default on their loan, or walk away from their mortgage.
If you are a homeowner looking for answers regarding your negative equity situation, please contact Seattle Short Sales, Inc. today for help understanding your options.
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