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Underwater Mortgage

Underwater Mortgage Definition

Underwater Mortgage occurs when homeowners owe more on their house than it is worth on the current market value. Usually, this situation does not arise when a homeowner takes out a first mortgage. Most of the time this condition tends to arise when a homeowner takes out another loan on the property. A reason of having more debt on the property than its market value is generally an unexpected depreciation of the property.
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