May 12, 2011
What does “upsidedown in my mortgage” mean?
Question by Robster01: What does “upsidedown in my mortgage” mean?
What does it mean when I go to refinance my home, and the mortgage broker tells me that he cant refinance me because I am “upsidedown in my mortgage?”
Best answer:
Answer by kihteacher
It means you owe more on your home than its worth.
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Filed under Refinance Mortgage by on May 12th, 2011. Comment. 
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Comments on What does “upsidedown in my mortgage” mean?
It means that you actually owe more on the house than it’s currently worth. This also happens a lot with cars (they depreciate at a quicker rate than you are paying on the principal).
It would mean your current mortgage amount is larger that the current market value of your home. This is very rare because banks very very rarely loan over 100% (if that) of the market value on your first mortgage. Have you refinanced before or possibly have a home equity loan (2nd mortgage) on your home? Also look at the area your home is located in, has there been major layoffs or businesses closing? It could be possible that the location of your home has depreciated from the value your orginal mortgage was based on.
Your home is not worth as much as your loan.
That means your house have no equity
or your house wothless than when you first purchased
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