An upside-down mortgage is simply a mortgage in which the owner owes more than the house is worth. If you can afford the monthly mortgage payments and don’t want to move, being upside down may not have an immediate effect.
Upside Down Mortgage. 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.
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.
When the next real estate downturn comes, this may increase the chances that you end up with a dreaded upside-down mortgage, owing more on your home than it is worth. "What if the house goes down in.
Much to their dismay, they find out they are upside down in the mortgage loan, which makes it almost impossible to refinance. But there are certain government .
Declining home values are even tougher to take. Some 16 percent of American households – one out of six – are underwater, according to Moody’s economy.com. Among those who bought a home in the last five years, nearly a third (29 percent) owe more on their homes than they are worth, according to Zillow.com.
Pricey solar panels may cost lucia chavez her Vista, California, home of 14 years. When Lucia Chavez saw her mortgage bill, she thought there had to be a mistake. For years, the 70-year-old Vista,
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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.