What Does It Mean To Be Underwater in a Mortgage?
With all the turmoil in the housing market these days, the term underwater is being tossed about quite frequently, especially as it applies to home and mortgages. So what exactly does it mean to be underwater? Being underwater in a mortgage means that the total debt secured by a property (e.g., the total value of all mortgage loans), exceeds the appraised value of that property. Being underwater...
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