Going "upside down" or "underwater" on your auto loan happens when the market value of your vehicle is less than the amount you owe. For example, say you still owe $30,000 on a car that you’d like to sell or trade in, but the most you’ve been offered is $20,000.
If you’re upside down on your home, it means you owe more on your loan than your home is worth. Another term for this is negative equity . Below is a quick reference guide for people in this situation.
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How do you refinance your mortgage when you’re upside down on your loan? senior reporter holden lewis answers this and other common refinancing questions.
An upside down loan is a situation where the amount you owe is more than your car or home’s market value. This often happens when the item loses value faster than the loan balance decreases.How exactly does that happen, and what can you do about it?
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A deed in lieu of foreclosure is yet another option you have to deal with an inherited upside down mortgage. Through this type of transaction, you sign over the title to the home and the bank accepts the title as payment in full. Not all lenders will accept a deed in lieu of foreclosure for an upside down home.
For the people that need to borrow money to purchase a car, that is the definition of being upside down – sometimes referred to as having "negative equity" – on an automobile loan. They owe more than the car is worth as soon as they sign the contract.
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I sell bananas along every road in this village and I have asked them about it,” said Suon Tang, 42, in front of her home in Prek. that taking out an MFI loan a few years ago had turned her and her.