How to Trade a Car When I Owe More Than It Is Worth?

Answer Trading in a car when you're upside down on the loan, or owe more than the car's worth, can create a financial hurdle. Even so, it's possible to trade in your car and acquire a new vehicle. Know th... Read More »

Top Q&A For: How to Trade a Car When I Owe More Than It Is W...

Can I trade in my car owing more than it's worth?

You can trade your car in if you owe more than it's worth. The dealership tacks the remaining balance of the old loan onto you new vehicle loan. This is called an upside down loan.References:Lease... Read More »

What is it called when you owe more on a house than it is actually worth?

"Underwater" is the term currently used for the situation where you owe more than your house is worth. In the past, it was also called "being upside down" on the mortgage.References:Kiplinger Magaz... Read More »

What is it called when your mortgage payment is more than your house is worth?

When a homeowner owes more on a house than the house is actually worth, the homeowner is underwater. The mortgage crisis that began in 2008 has lowered the value of many homes and left millions of... Read More »

Who is responsible for an insolvent condo maint fee when the daughter inherits the condo but gives it back to the bank because her father owes more than its worth?

If the association has filed a lien for unpaid assessments, and the lien has a priority status over that of the mortgage lender -- potentially only some of the -- unpaid assessments will be paid fr... Read More »