Could someone please explain an "upside down" mortgage?

[zanana1]

We got word today that our property value has gone from 244,400 to 181,300. WTF?

[Poll_Blind]

1. I think it means people who owe more on their property than it's worth.

PB

[Bozita]

2. Simply, it's when you owe more than the house is worth

[Viva_La_Revolution]

3. so if you owe more than 181,300 on your morgage then you are 'upside down'

if you owe less than 181,300.. then you are not.

[enough]

4. Who did you get this evaluation from? (nt)

[Bunny]

5. I thought upside down meant that you owe more on the house

than it is currently worth. In your case, if you owe more than the appraised value of $181,300, you are upside down.

[DURHAM D]

6. Who did you receive this notice from?

[abelenkpe]

7. Owe more than you can currently sell your home for in this market nt

[Walk away]

8. I thought that was under water??? nt

[Ruby the Liberal]

9. Underwater is negative equity

You sell for less than you paid for it.

Upside down is debt, without regard to sales price. If you paid $50k, currently owe $180k and can only sell for $150k, you are not underwater, but you are upside down.

[enough]

10. Two phrases for the same thing. Upside down on mortgage = under water.

Oh I see a correction from Rudy above. My mistake I guess.

[golfguru]

11. Seems about right!

My house valuation dropped from 270,000 to 216,000 in 3 years.

[dixiegrrrrl]

13. Did your property taxes drop to reflect the lower valuation?

[Philippine expat]

12. Upside down is owing more then it is worth

Under water is the same thing
Neither is a problem unless you are trying to sell