what does it mean to be underwater on your mortgage

An underwater mortgage is a loan that has less equity than its market value; in other words, you own more on the mortgage than your home is worth. Underwater mortgages may be the result of decreasing home values in a region, particularly when a borrower had only a small down payment.

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While refinancing activity has leveled off somewhat over the past couple weeks, the Mortgage Bankers Association reports that the number of new applications is still 81 percent higher than it was at.

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Negative equity occurs when the value of an asset used to secure a loan is less than the. In the United States, assets (particularly real estate, whose loans are mortgages) with negative equity are often referred to as being "underwater", and. It may occur when the property owner obtains second-mortgage home equity.

home equity loan what is it About home equity loans. home equity loans typically have a fixed interest rate, meaning the payment is the same each month; that makes them easier to factor into your budget.

Homeowners who walk away from a mortgage take a big risk.. up and they would no longer be underwater,” says Allan Katz, a certified financial. During the mortgage crisis, the term “strategic default” came to mean that the.

What Does It Mean When Your Mortgage Company Hires a Field Inspector? by Don Rafner & Reviewed by Alicia Bodine, Certified Ramsey Solutions Master Financial Coach.

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An underwater mortgage is a home purchase loan with a higher principal than the free-market value of the home. This situation can occur when property values are falling. In an underwater mortgage,

2015-09-15  · In a word, a reverse mortgage is a loan. A homeowner who is 62 or older and has considerable home equity can borrow against the value of their home and.

An underwater mortgage is when a homeowner owes more on a mortgage than your house is worth. For example, your home is worth $250,000, but you owe $300,000 on the mortgage; that means you are underwater, or upside-down on your mortgage.

Does it matter if you are underwater on your auto loan? The answer is it most definitely could matter. If you are in a total loss accident or you are in need of selling your vehicle, you will have to pay the difference between what the car is worth and what you owe.