by ALISON MORROW / KING 5 News
KING5.com
Posted on December 11, 2013 at 5:50 PM
Updated yesterday at 6:33 PM
Seattle housing officials estimate about one-fifth of the citys homeowners are underwater on their mortgages.
On Wednesday, Seattle City Council members voted to explore options to help homeowners facing foreclosure, but one of those options comes with a bit of controversy.
According to city council, these homeowners roughly owe between $65,000 and $130,000 more on their mortgages than their homes are worth.
One of those homeowners said she missed her first mortgage payment this month and shes terrified.
People dont deserve this. We didnt do anything wrong. In fact, we did everything right. And yet, were here, said Joelle Craft.
Craft is a 35-year-old mother of two. She has multiple sclerosis and says she cant work anymore. Her partner, an electrician, lost his job for a while due to the economic downturn. Their house is now worth $30,000 less than they bought it for and theyre now facing the possibility of foreclosure. Theyre exactly the kind of homeowners city council is targeting.
More:
Underwater homeowners get a chance for relief in Seattle
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