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.
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.
Mortgage interest run on
Hipoteca means mortgage in Spanish.