Upside Down Morgage

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Then came the crash in 2008, and we started talking about how much more we owed on our mortgage than our house was worth. Phrases like “upside down” and “underwater” dominated hushed conversations.

An "upside-down" or "underwater" mortgage is one where the remaining principal balance exceeds the fair market value of the property. This might happen for.

A mortgage in which the amount that a property owner owes on the loan is more than that property’s current market value. For example, if one borrows $100,000 to buy a house and, for whatever reason, the value immediately drops to $60,000, the homeowner is said to have an upside down mortgage.

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The single biggest creditor of the parent’s estate is usually the mortgage company. If they foreclose on the “upside down property” and do not recover the entire amount due on their mortgage, they may attempt to recover “the deficiency” against someone personally.

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Because you owe more than your home is worth, your mortgage is considered " underwater." Sometimes you'll also hear the term "upside-down" to describe an.

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An upside-down mortgage is where the homeowner owes more on the house than what it’s worth – it usually happens when the real estate market dips or even tanks. An upside-down mortgage can back married couples in a corner when they want to get a divorce but can’t afford to sell the house because they owe more than the market value of the home.

Negative equity occurs when the value of an asset used to secure a loan is less than the outstanding balance on the loan. In the United States, assets (particularly real estate, whose loans are mortgages) with negative equity are often referred to as being "underwater", and loans and borrowers with negative equity are said to be "upside down".

Tempted to ditch your decade-old mortgage for one of those flashy.. now upside down on your mortgage-then your LTV worsened over time,