Over 40% of Nearly 2 Million Modified Loans Facing Resets are Underwater

Black Knight’s April Mortgage Monitor shows almost 2 million modifications face interest rate resets, and 40 percent of those resets are underwater. Email News Release "We have seen a continual reduction in the number of underwater borrowers at the national level for some time now, but modified loans show a different picture," said Kostya Gradushy, Black Knight’s manager of Loan Data and Customer Analytics. "While the national negative equity rate as of April stands at 9.4 percent of active mortgages, the share of underwater modified loans facing interest rate resets is much higher — over 40 percent

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Over 40% of Nearly 2 Million Modified Loans Facing Resets are Underwater