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near dyersville iowa | I dont think the fact that the house was worth less than they owned on it was the problem. The problem was they expect to refinance the loan at 5 or 8 years. And when you owe more than the house is worth, it becomes difficult to refinance. I think the term was adjustable rate mortgage(arm). When you cant make the balloon payment or refinance, the cheapest option was to walk away. | |
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"Under Water"??
