Underwater Mortgages Down 70% From the Housing Crisis

Underwater Mortgage: CNBC Explains. For example, a person decides to buy a home for $200,000. They put 20 percent down, or $40,000, and then get a mortgage for the remaining $160,000. Usually home prices rise, but let’s say prices begin to fall and the home is now valued at $150,000. The mortgage is ‘underwater’ by $10,000.

If you get a negative result, your mortgage is underwater. As in the example above, say your total mortgage debt is $510,000. Based on your own research and after speaking to several real estate agents, you determine the likely market value of your home is $475,000. Take $475,000 and subtract $510,000.

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