underwater
- Refers to a situation where the amount owed on a mortgage loan exceeds the value of the property used as collateral
- Indicates a state for a mortgage loan when the outstanding debt is greater than the market value of the property used as security
- Due to the sudden drop in housing prices, many homeowners found themselves underwater on their mortgages.
- The financial crisis resulted in a large number of underwater properties when property values plummeted.
- Deciding to sell an underwater property can be a challenging financial decision.
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