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negative equity

the state of holding a property the value of which is less than the amount of mortgage still unpaid
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition
© William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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a situation when the market value of a property falls below the outstanding amount of its mortgage, sometimes forcing foreclosure's 21st Century Lexicon
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