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.
