If you owe more on your home than it is worth, you are said to be underwater on a mortgage. For example, maybe you took a mortgage for $300,000 in 2018 to buy a house that’s now worth $250,000 in 2021. If $280,000 remains on the mortgage, you’re considered to have an upside-down loan. You could be underwater for two reasons: a decrease in property value or missed mortgaged payments. While missing mortgage payments can happen for various personal reasons, property prices could fall for several reasons outside your control. For example, your neighborhood may have become a crime hotspot or
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