Underwater Foreclosures Growing in D-FW Area


This recent headline in the Dallas Morning News wasn’t referring to foreclosures on underwater houses. The topic was foreclosures on houses where the owner was upside-down or “underwater” on the mortgage. In other words, the owner owed more on the mortgage than the house was worth on the open market. This is similar to having a serious car wreck in a new vehicle — you will frequently owe more on the car note than the vehicle is worth at fair market value. Whether it involves a house or a car, it’s a bad situation to be in.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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