Big mortgage woes.? House worth much less than I own.?
by Mortgage Rates on Tuesday, November 16th, 2010 | 6 Comments
-
Mortgage Info
-
Updates
-
Useful Links
-
-
Tags
2010 About article Auctions bank banks best Business buyers change Credit Debt Equity Financial First fixed Foreclosure From good Government Help Home house Housing interest Loan Loans Market more Mortgage Mortgages Need News options qualify Rate Rates refi refinance Refinancing should this Time variable would-
Meta
those are tough questions
if you have the income to pay the loans, and if you still like the house and want to live there, then just try to think of the value as what you believe the house is worth to you
it could be a few years before values come back up, but they will rebound eventually, the question is whwther the particulars of your location will be rebounding soon or not
unless you lose your income and cannot pay anymore I would suggest keep paying and hope for the best
you got into the mess now pay up.if you have to get a second job to help then do it.this is one reason why the banking industry is messed up in this country. people re mortgaged their houses and took out equity along with thinking that their houses would keep going up and now when its time to pay all they want to do is walk away.
You don’t have much of a choice. You need to pay it one way or another. Walking away from it is irresponsible and this kind of activity is causing the economy to go south and and the banking industry to hard on people who are actually making their payments and didn’t get into stupid loans.
If you just feel bad about paying all that money on a house that isn’t worth it; tough. It’ll come back down the road, but consider this a lesson in trying to make a quick buck; it nevers works out.
Stop complaining and moaning. Stop looking for someone else to bail you out because of your own foolishness and man up and do what’s right. In the long run, you’ll always be better off you always do the right thing.
If the house goes up to $1.1 Million in value in 5 years , you will wish you kept it. If it goes down even more, you will wish you had signed a deed back to the bank. I’m glad that you want to protect your credit. I’m hanging on. None of us could have predicted how fast things would fall.
I am a mortgage broker in Australia ,and there are a couple of things here ,firstly if you foreclose your credit is ruined ,you need somewhere to live and if you are happy with this house and can afford to then keep paying for it secondly you have to live somewhere so what other options do you have ,is it possible for you to rent the house out and move in with family for a couple of years ,
At the end of the day it is only a paper loss until you sell ,so if you have sufficient income stop reading the Realtor guides and start living your life .
Not to be too judgmental but these are the types of things that should be asked prior to moving into a house.
Can I afford the payments?
Should I spend half my take home salary on a property?
What will I do if the value of the house falls?
What has happened is the same thing that happens to new cards. When you buy a new car it loses value as soon as you drive it off the lot. Can you simply take the car back after a year and say “the value has dropped so I want to get rid of the car and just let the bank take it back”? No, you are financially responsible to take care of the what you asked for. You asked for these loans. If it takes you giving half your pay to make the payments, then so be it. If you need to get a job, so be it. You signed up for this.