What Does It Mean To Be Underwater On Your Mortgage

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After the housing market crash several years ago, many homeowners discovered they had underwater mortgages. Despite the name, an underwater mortgage has little to do with water. If you’re worried about paying your mortgage or the value of your home.

There has been a lot of talk about houses being under water over the last few years since the real estate market went bust. Today I want to talk about just what under water means, and what it means for you.. What Does Under Water Mean?. The term under water (synonymous with the term upside down) simply means that you owe more on your mortgage than the house is actually worth.

Underwater mortgages are mortgages that currently have a balance that is higher than the current market value of the real estate used as collateral for the loan. One approach to dealing with an underwater mortgage is to simply continue making the payments as if nothing has changed.

A mortgage that has a balance exceeding the fair market value of the home is considered to be an "underwater mortgage." Homeowners with underwater mortgages can experience serious difficulties in selling their homes, have difficulty raising security to refinance their loan, or, in a worst-case scenario, face a short sale or foreclosure.

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What does it mean to be “underwater”? A property is underwater when you owe more on the loan than the property is worth. Also referred to as.

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