Nontraditional Mortgages. Nontraditional mortgages-also called exotic or high-risk mortgages-can lead a homeowner into an upside-down mortgage situation or make it worse. Some mortgages allow interest-only payments for the first few years, which keeps payments low but doesn’t make a dent in the principal or build equity.
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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.
If you’re upside down on your home, it means you owe more on your loan than your home is worth. Another term for this is negative equity. Here is a quick reference guide for people in this situation.
Q. I have good credit, and I’ve never been late on my current mortgage payment. However, property values in my area have decreased, and when I tried to refinance, I was told that my current mortgage.
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Buying a new house is an awesome feeling. Having that same house devalue over time or all at once due to an economic crash is devastating. We take a look at what to do if you’re upside down on your mortgage.
CHICAGO (CBS) – You’re underwater, you’re upside down, but you’re not in foreclosure. You can afford the monthly payment on your home, but it’s eating up most of your income. That’s the situation for.
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An upside down mortgage is when more money is owed to the mortgage lender than what the home is worth. The can happen when a home is purchased when the market is doing well, but several years later, if the market declines, the value of a home can decline with it.
The Short Sale Solution to an Upside-Down House From a purely financial point of view, a short sale is your second best option, right next to a principal reduction. Because it gets rid of the mortgage debt.