Property owners with mortgages in excess of $1 million are getting hit pretty hard now-a-days.
According to research firm First American CoreLogic, “More than 12 percent of mortgages exceeding $1 million were 90 days or more past due in September, compared to 6.3 percent of loans less than $250,000 and 7.4 percent of all U.S. mortgages.”
“There is no refinance market for you if you are underwater and outside the Fannie and Freddie framework,” says Keith Gumbinger, vice president at mortgage data firm HSH Associate.
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