Quote:
Originally Posted by EvoFire
Thanks for the reply, so going by that, if the mortgage is higher than what the value of the property is (value @ 700k, mortgage @750k) you'll have to cough up the extra to make it?
I know it's pretty unlikely to lose 25%+, but you never know.
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You still need to be able to pass the mortgage requirement. So if you are now underwater (owing more than its worth), and you still want to meet the requirement, you'd have to put up whatever it's required to meet the criteria.