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Additional Details
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liya | 2 years ago my house px 355K. now it is apprsd @250K only. how does it affct my mortgage loan principal paymt? |
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frangul
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the appraisal figure would only come into play if you were selling or refinancing. you would not be able to get what you paid for it if you sold nor be able to refinance at the higher figure. as long as you stay put until the market rights itself, you pay the mortgage loan on whatever portion of the 355k you financed. nothing changes. |
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frak1a12345
 |
It does not affect your loan principal payment. The appraised value does not change the terms of the mortgage note. |
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Expert Realtor
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It doesn't...at all.
The bank still loaned you the $355K...the sellers received that money...you have to pay it back. |
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krystle579
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I don't think it does. Your payments are off of the original purchase amount. |
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Invest Pro
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It does not affect your payement, principle, or any other loan term. An appraisal is simply an opinion of "market value" and has nothing to do with your current loan. If, however, you were looking to refinance, then it would come into play. Since the home is worth less than you owe, you will not be able to do so. Keep the loan you have, and after the market goes back up, which it will, then you will have options. |
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Patrick
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The appraisal figure has nothing to do with the principal of the loan. You bought a house for $355,000 and borrowed that money from the bank. It doesn't matter if the house is worth $1,000,000 or $1 now, you still have a loan for the same amount of money. |
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TPMG
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Place both hands over your ears and repeat .. la la la la .. I did not hear that appraisal, I did not hear that appraisal, then continue paying your mortgage as usual. |
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cap
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welcome to the strife of our nations slowing economy. |
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mrtnlu
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The appraised value is just a number. It has nothing to do with how much you owe on your loan. Blame George Bush for the economy. |
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