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.
underwater mortgage refinance Options & FAQ | Zillow – An underwater mortgage is when a homeowner owes more on a mortgage than your house is worth. Nontraditional mortgages-also called exotic or high-risk mortgages-can lead a homeowner into an upside-down mortgage situation or make it worse.
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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Loans go upside down when the item you buy loses value faster than the loan balance decreases. For example, a brand new car might cost $25,000. A few years later it might only be worth $15,000. If you owe more than $15,000 on the loan, you have an upside-down loan.
An upside-down mortgage has a loan balance higher than the home’s current value. Look at all options and discuss the situation with your lender.
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.
The upside down mortgage on a home can create very significant problems and has done so especially with subprime and interest only mortgages. Since insurance payments are higher with subprime loans, payments to principal are much smaller. Interest only loans are even worse because no money is paid toward the principal. Upside down on Mortgage.
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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.