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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