Posted on: 12th Jul, 2010 08:48 am
Properties have recently short sold in my neighborhood, one dropped more than 1/3 in its orignial value. I can safely assume that I am upside down on my house. I may need to move soon, and renting it is not an option. I am financially not in bad shape and I can clearly make the payments each month. I would probably have to take a loss that I can not afford by selling.
What programs are their for average people who are making the payments, but the house has taken such a loss? And other than "Stragetically Defaulting", what does the average person do if they are paying mortgage on a house that is worth 33% less than the mortgage?
I have been unable to find internet info on this. Thank you.
What programs are their for average people who are making the payments, but the house has taken such a loss? And other than "Stragetically Defaulting", what does the average person do if they are paying mortgage on a house that is worth 33% less than the mortgage?
I have been unable to find internet info on this. Thank you.
Hi Ativan30
One of the easiest solution to your problem is you need some data.
Get some data regarding home prices in your area for last two years on weekly basis.
Once you analyze it,you won't be taking any hasty decision to sell your property.
One should sell the property only as a last option. (at least it is not wise decision to sell for 33% value of original price) .
Just wait for coming years (may be 2-3) and surely you will be able to recover your losses just for the price of patience.
keep in touch........
keep paying mortgage regularly.
One of the easiest solution to your problem is you need some data.
Get some data regarding home prices in your area for last two years on weekly basis.
Once you analyze it,you won't be taking any hasty decision to sell your property.
One should sell the property only as a last option. (at least it is not wise decision to sell for 33% value of original price) .
Just wait for coming years (may be 2-3) and surely you will be able to recover your losses just for the price of patience.
keep in touch........
keep paying mortgage regularly.
I m confused... a bigger house (with higher original value than mine) in the same neighborhood just sold for 99,000... My house was purchased 2 years ago 155,000. That sale price will always be there for public record... how is my house not now forever devalued? Maybe I don t know much about real estate over all?
A property cannot be devalued forever. With time, the property values may increase in your locality which will in turn increase the value of your property.
Evidently people just don't understand that a home is a place to live, not a moneypad that you only continue to live in if the value is where you want it to be. If you can afford to stay where you are and don't need to sell or need equity right now who cares what its worth RIGHT NOW!