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Teri | Is it possible for a homeowner to successfully renegotiate their principle balance down with their lender? |
I bought my house is 2006 and it is now worth almost $100k less than what I paid for it. I can make the payments, but am seriously considering walking away in lieu of losing $100k. Has anyone been successful in renegotiating their principle balance given that EVERYBODY knows housing prices have been inflated the past 5 years? I would prefer to do this directly with my mortgage company and come out somewhere in the middle (they forgive 50%) instead of walking away. Is this possible? If so, how? Is there any legislation pending that would make it possible?
Additional Details
Whoa!! hold on people. It was not I who made bad loans to people who are now in foreclosure. I purchased a house well within my means and have never missed a payment. Now all the deals are going to those that caused this problem - the banks who did not do their due diligence when approviong loans (through the recent bailout) and the people who bought homes they could not afford (through deals with their lenders). Why should I suck it up if I have not done anything wrong? I am willing to take some loss (knew that going into it), but what I am seeing now is way beyond what I would have imagined when I bought this house. I find it amazing that the people who responded are the ones who profited for so long from the greed of the last few years (reators, real estate attorneys, etc.) |
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making_money_1
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I am in the same boat as you. It seems the responsible people who bought homes with good intentions are having to subsidize those that were fiscally irresponsible, including the banks that are getting bailed out.
A lot of the people who posted to your question were out of line in their response. I see a lot of realtors and mortgage consultants posted who probably made mounds of cash during the heyday of the real estate market. Shame on you! Doesn't it pain your conscience to see people you helped into a home being foreclosed on and with nowhere to go?
Certainly, in some areas of the country, real estate values are nowhere near where the fair value would take them because of the flood of foreclosures and short sales. Here are some things you can do to help ease where you are today...
Figure out how many people in your neighborhood bought their house in the last few years at about the same price as you. These people are very likely to stay put and it will give you a good barometer for when housing prices will go back up. Once the market clears up the glut of foreclosures, there will probably be a bump, but no until all the bad debt is removed and those houses are occupied again.
Another thing you can consider is buying an investment property at a depressed price. In this way, you are getting in on some of the bailout money by buying a foreclosed home and will make a nice profit when the market rebounds to offset the current loss on your house. Be careful though, depending on where you are, this may take a few years so be sure you can get rental income to cover the cost of the house in the meantime.
Hope I was helpful!
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Realtor in CA
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Why is everyone looking for the government to fix the problems you created!
You have a contract with the lender who actually used real money to pay for your house, not Monopoly money! They LOANED you the money to buy the house so you can live in it. You promised to repay the loan over a period of years.
Why is it the lenders problem if your house is worth less now than when you bought it? If you don't have to sell the house, waiting a few years will restore the value of the house.
Why don't you ask the lender to increase the principal amount when the value of your home goes up 50% in the next 5 years?? Using your logic, wouldn't that be fair?
I've never seen a lender reduce the principal amount of the loan. They may work out a deal to lower the interest so you monthly payments are manageable.
Remember, you signed a contract (mortgage) and promised to repay the loan.
The only time you loose money is if you have to sell the house. If you don't have to sell, then you haven't lost anything.
Housing prices were not inflated! In a free market, you have a choice to buy at the asking price or not. You chose to buy, which means that the fair market price of the house is what you paid for it at the time and it was not inflated!
Again, why does everyone look to congress to fix problems they created? |
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Landlord
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There is no possible way they will take a 50% house to increase your profit margin.
They do renegotiate, you need to be in foreclosure, demonstrate an inability to pay and an inability to sell (via a new appraisal). But, just because you are greedy and want that 100k to be a gift, it isn't happening. |
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chatsplas
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Possible, but not probable. It has nothing to do with lender that your home is worth less than when you bought it--that's YOUR problem not theirs. If you're patient, your home should recover. If you walk away, in lieu of losing $100,000, you are also ruining your credit and will likely lose ALL equity you've built up with your down payments and payments, plus be liable for the lower price the lender gets for your home. You are LEGALLY bound by the mortgage and notes you signed. No one made you buy a house at what EVERYBODY knows was inflated housing prices, and which payments you can afford.
There is some pending legislation and lots of talk, but nothing out there requiring forgiveness of principal (not principle). You haven't LOST $100000, its a paper loss, not real loss, unless/until you sell the home. Walking away, you'll lose a LOT more than $100000. |
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src50
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They will not forgive your loan balance just because the market value has declined. If that were true, people would be flooding lenders with similar requests. |
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Alterfemego
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Listen, if you can afford the payments, I strongly urge you to stay put. Yes, I would certainly try to renegotiate with your lender and it's been done before, but don't hold all your hope on that. There are other folks out there who are franklin losing their homes because of the decrease in value and if you can't prove a true hardship, then you would be wasting everyones times and today TIME is money.
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Flyby
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It isn't the responsibility of the bank that you paid more for your house a few years ago than it is now worth. If you walk away from the note you will still be responsible for any difference between what is owed and what the property sells for on the open market. You will also be responsible for any costs associated with repossessing the property and all selling costs, including court costs and attorney's fees. They might give you a break on the interest rate, but I would not count on it right now. You could file bankruptcy, but doing so will ruin your credit and will prevent you from purchasing another home for several years. My advice is to suck it up and live with it. At least you can write off the interest. You stated that you can make the payments. It isn't pleasant to think that you are paying more for a home than it is currently worth. Prices are likely to come up after a time. Values will likely be lower for a while but real estate tends to rise over the long term. |
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daeve930
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You may be able to negotiate a lower interest rate, but I'd be surprised if they forgave you any principal balance. From my internal banking sources, the only people they're helping are the ones who are currently behind in their payments.
Since you can make your payments, continue to do so. Walking away will not only destroy your credit, but it's a dishonorable thing to do.
You haven't actually lost any money yet. If you sell the house, you'll lose money, but you haven't done that. Hang in there, and the value will go back up. If you panic, you will lose both money and reputation, but if you wait it out you'll eventually win. |
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organizeyourbiz
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No this is not an option; you borrowed this money on the belief that the property would increase in value. And they will not negotiate what you owe just because the value of the house went down. What ever made you think that you could???
Mixed in with all the people that knew they couldn't afford a house but wanted one anyway, are people like you and I who purchased a house to have a nest egg someday. Well, our nest egg just went down the drain. Your only option is to sit and wait for the market to recover.
Would you think the same thing if you bought a new car? It depreciates by 30% the second you sign the papers.
And what happens to the difference? How will the bank make their money back?
You either suck it up and wait for the market to recover, or sell and hope you get away with maybe something.
Either way, you're not alone. It's hard on everyone.
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