My house is worth less than my mortgage and I can't pay the shortfall « Real Estate Blog
In a time of falling house prices and a stagnant housing market it is not hard to see that many peoples houses will be worth less than they paid for them. For those who bought at the top of the housing bubble the difference between what they paid for the property and what it is worth may seem soul destroying. The thing to bear in mind is that this is only a paper loss, and if you have no intention of selling then there is no loss.
The problem occurs when you are forced to sell, for instance you can no longer afford the mortgage, or your relationship ends, or the house is repossessed and sold at a loss. In these scenarios the difference between what is due to be redeemed on the mortgage and the sale price achieved less the costs of sale, can be very large indeed leaving a huge shortfall for which the mortgagee is personally liable
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