Owing more on a home than its current market value is referred as being in default.

Name: Owing more on a home than its current market value is referred as being in default.
Brand: Quizplus
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Quizplus · Accepted Answer

Being in default refers to failing to meet the legal obligations of a loan, such as missing payments, while owing more on a home than its market value is known as being "underwater" or having "negative equity."

Owing More on a Home Than Its Current Market Value