Question regarding home foreclosure?
Funky Chicken asked: Currently we are able to make our house payment, however, the mortgage is about all that we have the money for. We have nothing l...
Funky Chicken asked:
Currently we are able to make our house payment, however, the mortgage is about all that we have the money for. We have nothing left over for retirement, savings, family vacations, nothing. We are in a good loan, so no worries there. We bought at the absolute peak at $475,000. Similiar homes in my area are now selling for $350,000. In my humble opinion, with the economy looking like it’s going to get worse before it gets better, I think that home values are going to fall another 15% or so. That would put home values in the area at around $300,000, and us $175,000 upside down. OUCH. I think that it will be around 2015 at the minimum before we see homes approach the 2005 values. Why shouldn’t I just walk away or short sell? Foreclosure is not what it used to be, and that extra $1500-$2000a month we would save on the mortgage would go a long ways to helping our savings account/paying off credit card debt. We would be saving $24,000 a year!!! Is this a no brainer?
loans for people in foreclosure
Currently we are able to make our house payment, however, the mortgage is about all that we have the money for. We have nothing left over for retirement, savings, family vacations, nothing. We are in a good loan, so no worries there. We bought at the absolute peak at $475,000. Similiar homes in my area are now selling for $350,000. In my humble opinion, with the economy looking like it’s going to get worse before it gets better, I think that home values are going to fall another 15% or so. That would put home values in the area at around $300,000, and us $175,000 upside down. OUCH. I think that it will be around 2015 at the minimum before we see homes approach the 2005 values. Why shouldn’t I just walk away or short sell? Foreclosure is not what it used to be, and that extra $1500-$2000a month we would save on the mortgage would go a long ways to helping our savings account/paying off credit card debt. We would be saving $24,000 a year!!! Is this a no brainer?
loans for people in foreclosure
loans for people in foreclosure
well the problem is do you want to go back to renting? If so a deed in lieu is going to take right now 5 years before you can buy again at best and the rules change daily
Caffeinated Content – Members-Only Content for WordPress
everything you said is correct; however, foreclosures have never been good or the alternative way to go. It hurts your credit and borrowing ability, pure and simple, and always has.
A deed in lieu would be great, but most lenders will not accept a deed in lieu. Why should they? They want the full mortgage amount.
Caffeinated Content
Your home price just fell by 25%, and NOW you want to sell it?
Yes, that is a no-brainer.
Do not sell your house just to sell your house. Home prices may continue to fall. But guess what? They will eventually recover. If you are in it for the long haul, then stay in.
In the meantime, save as much as you can for retirement and other needs. Cut back on spending. Cut up your credit cards. Eat cheaper foods.
Good luck!
Caffeinated Content
I may not be the right person to answer this, but at they can help you.