Being underwater means, as a homeowner, you owe more on your mortgage than the house is worth. With the current economic issues, they (CNN Money) say one out of five homeowners are in this situation.
I think this may also be called Negative Equity.
If you think you may be underwater, there are a few options to consider...
First, if you aren't planning on moving for a while - like 5+ years - don't worry too much. You are rebuilding your equity with every payment and they say home prices will eventually rebound.
You could also think about refinancing. The government's new mortgage-relief program let's people that owe up to 105% of their home's value to get a loan (just as long as the current one is held by Freddie Mac of Fannie Mae and they prove they can afford the payments).
If you're having trouble making payments, you may be able to get your loan restructured. Or, as a last resort, there's a short sale. That's when your lender let's you sell the house for less than you owe. This, though, could really drop your credit score by as much as 200 points. That could hurt your chances of getting another loan at terms your can afford.
In the United States there are probably hundreds of thousands of mortgages that are underwater. However, the true number is not known.
The term mortgage offset mean a flexible type of mortgage that allows one to reduce their rates and balance on loans and mortgage debts. This type of mortgage is uses more commonly in England.
What does LP menas in mortgage terms
what does it mean when the mortgage company says they must read the underlying of the mortgage? I do not quit understand what that means.
Check with your mortgage company, as each mortgage company will have different obligations that you need to fulfill before you can refinance your mortgage. For example, you might not be allowed to be "underwater," or you might have had to make your payments on time for at least 6 months before refinancing.
Freedom Mortgage is not a just a term, but is actually a mortgage company. Freedom Mortgage Corporation is a private full-service mortgage lender that is licensed in all 50 states.
Pre-approval for a mortgage does not guarantee that you will be approved a mortgage loan. However it does mean that it is very likely that you will be approved when you apply.
A mortgage is a loan secured by real property. Sentence: My sister was able to qualify for a mortgage and purchase her first home.
Assuming you mean toads, not toad from mario, then no toads cannot breathe underwater.
Mortgage prequalification is a term used when an initial application for a mortgage as been approved. This will depend on the information your originally applied for a mortgage, and will be further confirmed if you found a home to purchase.
Pressure rating for underwater
It means you're getting a mortgage. For the definition of mortgage, see the related link below.
Hipoteca means mortgage in Spanish.
Mortgage interest run on
The term 'bad debt mortgage' implies that the borrower has applied for a mortgage and been accepted. However, the borrower has then defaulted on his mortgage payments and it is considered that they are unlikely to be able to repay the loan.
Bad mortgages can be frustrating. If you are underwater, there is little hope for turning it around. A short sale might be the best option to try and recover some money from your mortgage. If the mortgage rate is too high, you might consider refinancing.
Mortgage rates are often in the news. The recent recession and continuing fears about the economy mean that changes in mortgage rates are a hot topic for reporters.
It means that the lender recorded a notice in the land records that the mortgage has been paid. That notice releases the property from the mortgage lien.
Yes, no matter what happens to the owner of your mortgage, you should always make your payments on time. A loan sale or servicing transfer does not mean you can skip a payment.
A PMI mortgage is a policy issued by a private mortgage insurers, which will protect lenders against the loss of browser defaults. This form of mortgage allows the lender to pay back as little as 3% at a time.
In a home mortgage, hold harmless means that a person knows that they accept all of the risks of the home mortgage. This includes any and everything that may happen while the mortgage is being held.
Can you give me some more details as to what exactly you mean, i.e. do you want to know how to find out if there is a mortgage on the property? Can you give me some more details as to what exactly you mean, i.e. do you want to know how to find out if there is a mortgage on the property?
A free and clear property means that the mortgage was completely satisfied and there is no more lien on the property as far as the mortgage goes.