Millions of Americans are facing the same problem, In fact almost two out 10 who bought their homes in the last two years are already upside down. Merced, Calif., is the hardest-hit.
Various selling options are availabe for homeowners who has an upside down mortgage including doing a short sale to the lender or bank.
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.
An upside-down mortgage can have dangerous consequences when a homeowner needs to sell but does not have the ability to bring cash to the table at sale.
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With an upside-down loan, the collateral that secured the loan is worth less than the money owed on it. This is relatively common during the early years of car loans because cars depreciate so rapidly that it is easy to owe more on a car than it is worth.
His American flag pin was upside down. This is mildly alarming, because typically an upside down American flag is a sign of great distress. According to Reference.com, people often hang flags upside.
A friend of mine is upside-down on her mortgage.she has this brilliant idea to buy a new home, and then foreclose on her old one after she’s already in the new home. I know this is a bad idea, but I don’t know how to tell her WHY its a bad idea..can you help?
Negative equity occurs when the value of an asset used to secure a loan is less than the. referred to as being "underwater", and loans and borrowers with negative equity are said to be "upside down".. It may occur when the property owner obtains second-mortgage home equity loans, causing the combined loans to.
An upside down mortgage is one where the balance remaining on the loan exceeds the value of a home. If you have an upside down mortgage, then you actually have negative equity in the property currently. First, it is important to understand the best way to handle this situation is usually to remain in the home for an extended period of time.
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