this post was submitted on 28 Dec 2024
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This is the second time in the same thread I've seen someone write "upside down" to (I assume) mean "insolvent" despite never seeing the phrase before in my life. Y'all all from the same town?
I think it means "owes more than the value of the collateral", so even liquidating the collateral to pay off the debt will leave you with residual debt. I've usually heard it called "underwater on the loan".