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Underwater mortgages

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richardray
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Underwater mortgages  Reply with quote  

What exactly is a underwater mortgage?
Post Mon Jul 25, 2011 2:34 pm
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coaster
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It's what I owe on that acre of land I bought sight unseen which turned out to be a protected wetlands area. Laughing

J/K - I don't own such property but it's only half a joke as I do know someone that something like this happened to.
Post Mon Jul 25, 2011 3:47 pm
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Destiny
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Underwater mortgages are mortgage arrangements that effectively leave the owner with more debt on the property than the current market value. Generally, an underwater mortgage situation does not arise when a buyer takes out a first mortgage. The condition tends to arise when a second or third mortgage is taken out, or if factors within the area cause the property to depreciate in value unexpectedly.
Post Mon Oct 08, 2012 9:33 am
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