Posted on: 15th Apr, 2010 07:43 pm
please tell me what a dead mortgage is please
I guess when your property is severely underwater and your loan balance is quite higher than your property value, it is known as a dead mortgage.
i don't know that terminology. of course, when a loan officer submits a file for approval, and the file ends up being declined for some reason, said LO will often say that the loan is dead. if that's what you're referring to, it makes a bit of sense. otherwise, not so much.
