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what does it mean to be underwater on your mortgage

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A mortgage is said to be "underwater" when it is greater than the amount that the house/property. The Definition of an Underwater Mortgage – Budgeting Money – An underwater mortgage has nothing to do with swimming and is certainly not at all like a trip to the beach. When your mortgage is underwater, it can spell.

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Houses have been known to decrease in value and if your house went down in value to $265,000, it means that the mortgage is underwater because you now owe $5000 more than the value. To sell such a property through the normal channels it would normally cost you about $20,000 in closing costs, so in this scenario you would have to find an additional $25k to sell.

What does it mean when it say that your mortgage is ‘underwater’? – An "underwater" home or mortgage is when you mortgage balance on the home is higher than the fair market value of the home. Houses have been known to decrease in value and if your house went down in value to $265,000, it means that the mortgage is underwater because you now.

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Open Mortgage Rates – mobile home financing in texas what does underwater mortgage mean 7 year mortgage rate. What does it mean when it say that your mortgage is. – An example is you bought a home for $300,000 and putting 10% as a downpayment, your new mortgage would be $270,000.

If only your spouse’s name is on the mortgage, you may be able to add your own name to the mortgage. To do so, you would need to contact your lender to make the request. Your lender will either decline to add your name, due perhaps to credit concerns, or agree to add your name by means of a simple mortgage modification.

 · 6 Options if You’re Underwater on Your Mortgage. The value of the home went up for awhile and we (probably stupidly) decided to take out a home equity line of credit on it for various reasons, thinking we’d sell it and everything would even out. Fast forward 6 years, and we are now severely underwater on our home.