2006-10-28 00:34:50 · 4 answers · asked by lam 1 in Business & Finance ➔ Renting & Real Estate
That's when the owner owes more than the house is worth.
Is there more you want to know about that?
2006-10-28 00:53:04 · answer #1 · answered by open4one 7 · 1⤊ 0⤋
If a person is "upside down on their mortgage" that means the balance they owe the bank is more than they can sell the house for. It happens with negative loans (home loans that have three payment options for instance, or advertised that your rate is 1.9% when actually, that's the minimum payment rate. The extra interest gets added on to your balance).
2006-10-28 03:10:28 · answer #2 · answered by bathagent 2 · 1⤊ 0⤋
You owe the bank is more than they can sell the house for. You know like when you drive a new car off the lot you now short by least 2k$, if you wreak the car the payoff in minus 2k.
Why are you up side down? There is a housing bubble that is breaking check out this web site to see if you have been screwed over by your Realtor.
http://www.breakingbubble.com/index.htm
2006-10-28 04:33:56 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Maybe you mean a "reverse mortgage"? That is where the house has alot of equity and "pays back" the borrower every month. It's designed for older folks retiring who want income out of their house so they have nothing left to leave to the kids!
2006-10-28 01:34:44 · answer #4 · answered by Anonymous · 0⤊ 0⤋