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When a seller is upside -down on their mortgage, it means they owe more money than the property is currently worth. This does not matter ( well too much) unless the owner is trying to get sold.
When the sellers owes more than the property sold for, the seller will be required to bring money to the closing table unless other alternative financing arrangements are made.
Many who bought property during the peak with little to no money down, are more likely to be in this position. Many longer term owners withdrew substuantial premature equity out of their homes via home equity loans or refinancing and also find themselves in this position.
Despite the media hype, the majority of homeowners in the U.S. are not upside down on their mortgages.
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