what does underwater mortgage mean

What is an underwater mortgage? – Quora – An "underwater" mortgage is when the balance of the mortgage loan is higher than the fair market value of the property. This type of situation became common following the housing market crash that occurred in the late 2000s when many homeowners sa.

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How to Assume a Mortgage: 10 Steps (with Pictures) – wikiHow –  · How to Assume a Mortgage. Assuming a mortgage is a process by which you take over the payments on an existing loan rather than secure your own financing to purchase the house. Most lenders include a due-on-sale clause that prohibits a.

Subprime mortgage crisis – Wikipedia – The united states subprime mortgage crisis was a nationwide financial crisis, occurring between 2007 and 2010, that contributed to the U.S. recession of December 2007 – June 2009. It was triggered by a large decline in home prices after the collapse of a housing bubble, leading to mortgage delinquencies and foreclosures and the devaluation of housing-related securities.

 · The Freddie Mac Enhanced Relief Refinance – or FMERR – is for borrowers who want to refinance but have very little or no equity in their homes. In reality, it’s for homeowners who have done.

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2. Learn the basic definition of an underwater mortgage. A homeowner who has greater debt (larger mortgage amount) than her house is worth (as defined by the current market value of the home) has.

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Annaly: Ignore The Naysayers – The power is heavy handed as it does. also mean much less than the purchase price, which means banks or investors in mortgage backed securities could face losses. It is highly likely that if the.

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2 Options for Dealing With an Underwater Mortgage After Chapter 7. – Most of the time, people with underwater mortgages want to know what their options. The so-called “chapter 20” bankruptcy, which means the debtor files in .

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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.

can you get a mortgage with fair credit Mortgage With fair credit: Yes, It’s Possible. Many people with fair credit think they can’t get a mortgage. After all, those with fair credit are not among the credit score elite – those individuals with credit scores of 800 or more. Instead, fair-credit borrowers are likely to have some late payments and maybe even a missed payment or two.

Mortgage crisis Q&A: "What is an underwater mortgage?" I have no idea why I never touched on this topic before.perhaps I thought it was too simple of a concept, but clearly it could use a proper explanation seeing that millions of mortgages are now underwater nationwide.