Yeah I guess none of us probably actually read all our mortgage documents but if someone read that it would make you not want to sign. I wonder how the situation would be handled as well. It's not as if they can force you to liquidate your house and take a huge loss, assuming your still paying for it you could have lived there forever and never had to take a loss as at the end of the day for most homeowners a home is a residence moreso than an investment. That's relaly messed up
You are viewing a single comment's thread from:
Did a quick search. Maybe I'm wrong after all. It's called an upside-down mortgage when you owe more than it's worth. And that definitely causes problems. But nothing's coming up where the bank can automatically foreclose on you.
Okay makes me feel better about my mortgage lol. Yeah I suppose as long as you are able to make the payments it doesn't really matter if your upside down. I have one rental property and never really understood how landlords properly managing their funds get into such deep trouble. I think what happens is its flippers because at the end of the day if my mortage is $700 and my place rents for $1400 it doesn't really matter what home prices do.