Finance
When a Massachusetts mortgage is 'underwater,' it means:
AThe property is located in a flood zone
BThe outstanding mortgage balance exceeds the current market value of the property✓ Correct
CThe mortgage has a floating interest rate
DThe mortgage is past due for more than 90 days
Explanation
An underwater (or upside-down) mortgage means the borrower owes more on the loan than the property is currently worth. This often leads to short sale or foreclosure situations.
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