Finance
When a Wyoming property is 'underwater' or has 'negative equity,' it means:
AThe property is located in a flood zone
BThe outstanding mortgage balance exceeds the current market value of the property✓ Correct
CThe property has been damaged by flooding
DThe buyer overpaid by less than 10%
Explanation
An underwater property (negative equity) occurs when the outstanding mortgage balance exceeds the property's current market value. This situation limits the homeowner's options, making it difficult to sell or refinance without bringing cash to closing or arranging a short sale.
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