When the Great Recession hit back in 2008, the housing market in Montgomery County and across the nation took a nosedive. Many homeowners found that they owed more on their house than it was worth. That meant that if “underwater” homeowners lost their jobs or encountered health problems or other difficulties with serious financial implications, they could not sell their homes or get refinancing from the bank. For many, that meant they faced foreclosure.
However, an online mortgage research company recently revealed an interesting fact: the percentage of homeowners in foreclosure who have positive equity in their properties is on the rise. In fact, 35 percent of foreclosures now involve properties with positive equity.