With an upside-down loan, the collateral that secured the loan is worth less than the money owed on it. This is relatively common during the early years of car loans because cars depreciate so rapidly that it is easy to owe more on a car than it is worth.
The 71-year-old CEO of William Raveis Real Estate, Mortgage & Insurance. "Basically what we’ve done is turn the company upside down in the past five years, which has entailed millions of dollars,".
Michael told me that, in hindsight, he realized he’d been scammed when his bank had talked him into refinancing his old mortgage. The subsequent foreclosure turned their lives upside down. They lost.
Should you find yourself upside down on your mortgage, here are three possible scenarios to fight back and remedy the situation: Slash your asking price enough to attract a buyer, and negotiate with the lender to accept the price, even if it doesn’t cover the entire mortgage balance.
Back in 1993 during the irish endowment mortgage scandal when half of all new mortgages. That meant that long term rates fell below short term, turning the normal curve upside down. This is almost.
The bottom line is that you shouldn’t panic if people are telling you that you’re upside down on your house. Unlike a car, houses go back up in value. Cars never appreciate, other than classic cars that are in pristine condition.
Millions of Americans are facing the same problem, In fact almost two out 10 who bought their homes in the last two years are already upside down. Merced, Calif., is the hardest-hit.
Are you ready for the latest holiday style trend? It’s the upside-down Christmas tree. You can find these topsy-turvy trees in the lobbies of historic hotels, swanky shopping centers and now, thanks.
The best way to minimize the odds of finding yourself upside down is to take out the smallest mortgage that you can find and pay it off as quickly as possible. This effort begins by purchasing a home.
Much to their dismay, they find out they are upside down in the mortgage loan, which makes it almost impossible to refinance. But there are certain government programs available to help people refinance, even when they’re upside down in the mortgage.