cm0002@lemmy.world to memes@lemmy.world · 2 months agoLayawayslrpnk.netimagemessage-square91fedilinkarrow-up1799arrow-down113
arrow-up1786arrow-down1imageLayawayslrpnk.netcm0002@lemmy.world to memes@lemmy.world · 2 months agomessage-square91fedilink
minus-squarekablammy@sh.itjust.workslinkfedilinkarrow-up1·2 months 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”.