Simple question folks... hopefully someone can give a quick answer.
Say you've a mortgage of 200k that was taken out 5 years ago and the house is now worth 150k. Some of the principal will have been paid off in the 5 years, lets say 20k. Is the house 50k in negative equity or 30k?
In this scenario, if you wanted to sell the house I'm guessing the bank would only leave you do so if the mortgage could be cleared. Would they want 170k to clear this?
Say you've a mortgage of 200k that was taken out 5 years ago and the house is now worth 150k. Some of the principal will have been paid off in the 5 years, lets say 20k. Is the house 50k in negative equity or 30k?
In this scenario, if you wanted to sell the house I'm guessing the bank would only leave you do so if the mortgage could be cleared. Would they want 170k to clear this?