plus you took some major risks. quiting a job draining a 401k.. but it was also good timing if you knew it or not.. you could have done the same thing and bought in 07 and 08 and you would probably be way underwater... like I was  LOL

Make sure it outlines what will/and wont be covered under "Water Damage".

They claim that the NARS Equity Holding Trust works even if the property is under water.

So far I have made many offers to free & clear owners and no one has accepted.As per the underwater house, I have a thread with a similar question open.

You can't answer calls from tenants, agents, contractors, etc if your job is an underwater welder.

It's very easy to end up underwater if you buy in one neighborhood thinking the prices are apples to apples next to another.

I was way underwater.

Those of us using leverage will quickly find ourselves underwater on these low cap rate properties.

Additionally, that 5% is an average number, which means plenty of borrowers are still underwater.

The latter would be similar to a short sale case where the property is under water or the debt exceeds the current value due to market decline or physical features ie needs work.3.