Avoid Being Upside-Down in Your Home

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Feb 15, 2007 by Tre Pryor, Editor-in-Chief. Residential

In Steve Leung’s piece called Negative Equity: Heartache for Home Owners, he looks at the increasing phenomenon of homeowners being upside-down.

Imagine selling your house and still owing money on your mortgage. That is what it means to have negative equity: the debt you own on your property exceeds your property’s value. In industry parlance, it’s called being “upside-down” and Liz Pulliam Weston at MSN Money says 1 in 10 homeowners may be in this situation!

In his article, Leung outlines some of the pitfalls and gives some good advice on what not to do when buying a home. Solid stuff.

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