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Could someone please explain an "upside down" mortgage?

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zanana1 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-25-11 12:26 PM
Original message
Could someone please explain an "upside down" mortgage?
We got word today that our property value has gone from 244,400 to 181,300. WTF?
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Poll_Blind Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-25-11 12:28 PM
Response to Original message
1. I think it means people who owe more on their property than it's worth.
PB
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Bozita Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-25-11 12:29 PM
Response to Original message
2. Simply, it's when you owe more than the house is worth
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Viva_La_Revolution Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-25-11 12:29 PM
Response to Original message
3. so if you owe more than 181,300 on your morgage then you are 'upside down'
if you owe less than 181,300.. then you are not.
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enough Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-25-11 12:30 PM
Response to Original message
4. Who did you get this evaluation from? (nt)
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Bunny Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-25-11 12:30 PM
Response to Original message
5. I thought upside down meant that you owe more on the house
than it is currently worth. In your case, if you owe more than the appraised value of $181,300, you are upside down.
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DURHAM D Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-25-11 12:36 PM
Response to Original message
6. Who did you receive this notice from?
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abelenkpe Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-25-11 12:38 PM
Response to Original message
7. Owe more than you can currently sell your home for in this market nt
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Walk away Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-25-11 12:54 PM
Response to Reply #7
8. I thought that was under water??? nt
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Ruby the Liberal Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-25-11 01:01 PM
Response to Reply #8
9. Underwater is negative equity
You sell for less than you paid for it.

Upside down is debt, without regard to sales price. If you paid $50k, currently owe $180k and can only sell for $150k, you are not underwater, but you are upside down.
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enough Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-25-11 01:02 PM
Response to Reply #8
10. Two phrases for the same thing. Upside down on mortgage = under water.
Edited on Mon Jul-25-11 01:03 PM by enough
Oh I see a correction from Rudy above. My mistake I guess.
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golfguru Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jul-26-11 01:46 AM
Response to Original message
11. Seems about right!
My house valuation dropped from 270,000 to 216,000 in 3 years.
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dixiegrrrrl Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-27-11 01:03 PM
Response to Reply #11
13. Did your property taxes drop to reflect the lower valuation?
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Philippine expat Donating Member (412 posts) Send PM | Profile | Ignore Wed Jul-27-11 12:05 AM
Response to Original message
12. Upside down is owing more then it is worth
Under water is the same thing
Neither is a problem unless you are trying to sell
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