Quote:
Originally Posted by Syndrome
But if you are locked into a mortgage and the value of the house drops below what you owe then that is NOT a winning position.
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Correct, too far of a drop and the bank will want some cash to get the LVR value into comfortable position and unless you have some cash at the ready (remember you wont be able to borrow against your home for this) the bank will foreclose.
Only way is if you owe nothing or very little..
Big property portfolio with lots of debt that's been interest only = up the creek.