Definitions of Walking Away & Being Underwater

Special Episode 3, Short 1

Walk away refers to situations where a homeowner may be able to leave a property under certain legal conditions without continuing responsibility for the mortgage, depending on applicable rules. Underwater describes a property where the total debt is higher than the home’s market value, such as owing $400,000 on a home worth $300,000 leaving a $100,000 gap between debt and value. 

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https://www.youtube.com/watch?v=SW0Si47HLlg

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