be upside down on (something)

be upside down on (something)

To have more debt outstanding on something than it is worth. I want to sell my car, but I'm upside down on my loan. I still owe $10,000 on it, and it's only worth $7,000 at this point! The collapse of the sub-prime mortgage market means that millions of people are now upside down on their mortgages. I made a sizable down payment so that I wouldn't be upside down on my loan.

See also: down, on, upside

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