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How homeowners end up with property valued less than loan
Negative equity also happens when there are sudden income shocks on the mortgagor or inadequate net income growth by the mortgagor or inconsistent lifestyle choices by the mortgagor. FILE PHOTO | SHUTTERSTOCK
When Joe Kariuki’s fortunes changed after a handsome bonus in a particularly bumpy returns season in 2018, he did what any sound investment-conscious person would do; cement and diversify his income revenue streams even further.
Mr Kariuki used the money as a downpayment for a second three-bedroom apartment in Nairobi’s Kilimani.
