Depending on the source, between 24 percent and 31 percent of homeowners with mortgages are underwater, totaling between $700 billion and $1.2 trillion in “negative equity,” the amount above the value of a home an underwater borrower owes.

Of the roughly 8 million underwater homeowners that are current on their monthly mortgage payments, more than 40 percent are likely unable to refinance to today’s historically low interest rates simply because they have private loans that are ineligible for certain federal programs.


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