cm0002@lemmy.world to memes@lemmy.world · 3 days agoLayawayslrpnk.netimagemessage-square76fedilinkarrow-up1779arrow-down113cross-posted to: [email protected]
arrow-up1766arrow-down1imageLayawayslrpnk.netcm0002@lemmy.world to memes@lemmy.world · 3 days agomessage-square76fedilinkcross-posted to: [email protected]
minus-squarekablammylinkfedilinkarrow-up1·3 days agoI think it means “owes more than the value of the collateral”, so even liquidating the collateral to pay off the debt will leave you with residual debt. I’ve usually heard it called “underwater on the loan”.
I think it means “owes more than the value of the collateral”, so even liquidating the collateral to pay off the debt will leave you with residual debt. I’ve usually heard it called “underwater on the loan”.