 How can i get a home loan if.............? |
| My wife makes more then me, but I have the higher way higher credit score 689 hers is like 545. But ive been told that the underwriters will look at her score first and she will be the primary on ... |
|
 Whose responsiblity is it to fix, ours or the landlords? |
| We are renting a house and there was a crack in the window when we moved in. This morning when my husband closed the door, the crack spread all the way up the glass. Does this mean that we will be ... |
|
 Question about my Credit score? |
| I am in the process of renting an apartment. The landlord and I have everythingin order, All she has to do is do I credit report on me. I am farly young(just turned 20) so I dont have very much ... |
|
 Do you have to pay taxes on rent, even if you don't make a profit? |
| If you own a duplex, and the tenants' rent covers only the mortgage, do you still have to pay taxes on the rent?... |
|
 How do I go about buying a home w/ my boyfriend? |
| My boyfriend and I have been together for 6 years. He has horrible credit and is unable to buy a home. I have good credit and money saved for a down-payment on a house. The house would need to be ... |
|
 I need to get rid of my house but do not have time to sell it. what will happen if i abandon it? |
| my fiance and I were in a rush to buy a home beacuse the lease on our apartment was up, and we made the mistake of purchasing a refurbished mobile home and had it moved to a community outside of the ... |
|
 Can you break a lease if a pedafile lives within one mile of your place? |
| I over heard this and need info if it is true. Or who would I talk to about it?... |
|
 Is it better to rent an apartment or buy a home if you are going to relocate after one year? |
| home cost is $280,00, monthly expenses- utilities-$220., maint-$100., property tax-$380., home insurance-$50. 30-year mort-8% interest rate, 20% downpayment and closing costs equal to $1,000. plus 3 ... |
|
 About how much is bulidings and contents insurance? |
| On a 2 bed semi in south yorkshire? Just trying to work out finances on the property i want to buy. Its £124950, no garage, nice area.... |
|
 Help With Math Problem? |
A real estate broker sold your house for $72,000. The broker's commission was 6% of the selling price. How much would you get for the house after the commission is paid???
A. $67,680<... |
|
 House in foreclosure * Real estate agent stopped by? |
| Hi, my home is in foreclosure, today this real estate agent showed, saying he works for the bank where I got my loan from, he stated, he was checking if someone is still living here and he will come ... |
|
 Landlord wants £300 from deposit to clean flat.? |
She says there are fleas in the sofa and the carpet. This MAY be true, as I have a cat. But £300 to clean carpets in a one bedroom flat, plus a three seater sofa?
Do you think this is ... |
|
 I wonder if I will ever be able to purchase my own home. I have crap credit , and a divorce. Is there hope? |
| I would like to purchase my own place someday . I divorced a few years ago, my credit is terrible . I owe some bills and work hard. I feel like I'm doomed to rent til I die. Any help as to where ... |
|
 Bought a first house in 2004, but cannot afford it anymore, what can i do? |
| for sell for the same price or more if the market is going down hill? zif I stop pay the full montly amount, what happen, and how long take to them take the house way? What about my credit? see the ... |
|
 How much do you pay for your rent or mortgage every month? |
| What % of your total income is this and what type of accomodation do you live in ?... |
|
 New rules for an apartment building....PLEASE HELP!? |
| My father and a friend have recently bought an apartment building with 9 units. The people who owned it before had no rules set up, people have no leases. So I am "incharge" of comming up ... |
|
 Where is a good place to move that has low property taxes and has large acres of waterfront property? |
| (10+ acres waterfront) i like boating and jetskiing so if its a lake it needs to be large (lake of the ozarks) and it needs to be waterfront.... |
|
 If you are behind 1 month on rent, can the apt manager come into your house unannounced and size your things? |
| My girlfriend was not home at the time, and the apartment manager came in and took her TV, and when she paid the rent, they promised to bring it back, and now they are saying she ( a 95 pound asian ... |
|
|  |
mayigniteunderpressu... | Is there anyone else whose mortgage is greater than what they could sell their home for? |
the home 2 doors down from me just sold for less than the amount I owe on my mine..and our homes are almost exactly alike..4 other homes on my block have for sale signs and 2 of them lowered their asking prices....can I just leave the house and give it back to my bank....?
Additional Details
I was told by many people at the time I bought it that real estate was a great investment and it only goes up....why should I make pay for something plus pay interest on the debt that is worth less than I paid for it..I feel ripped off....bankruptcy is best..just like some of the airlines did...then thye can start over... |
 |
 
Drew
|
First off any investment there is not a grantee that you will make money.
Now for being up side down hear is why and yes i would be pissed off also.
http://www.breakingbubble.com/index.htm |
|
Justin
 |
I live in Michigan, and work in mortgages. I have seen several situations in the last year that are just like yours. The reason this is happening is, that your home is only worth what someone is willing to pay for it. This is reflected by the homes on your block that have recently sold. If homes sit, and don't sell, they have to drop the price if they want to sell. You weren't ripped off, it's just how the housing market works sometimes. In time, the economy will change and so will the value of your home. |
|
wildand5150
|
No, you should have done your research, BEFORE you commited to the payments and interest you agreed apon. Try refinancing. |
|
Karen R
 |
Unfortunately that's happening a lot in this market. Too many people got 100% loans, interest only loans, and variable rate loans over the last few years while the market was booming. The market has slowed and rates have gone up now. It's the 70's all over again. Don't do anything stupid. The market will recover. |
|
ZCT
|
Yeah it sucks. This is why you have to do very detailed research before you buy. You are now in a situation called negative equity.
You can give it back to the bank, this is called voluntary repossession. But here's the bad news: First they are going to take your home, and then they are going to sell it for about 80% of what it is worth, to get a quick sale. Then they are going to pursue you for the difference between their sales price, and what you owe, together with fees, penalties, and interest.
You could file bankruptcy, but this is going to prevent you buying another home for a good five to ten years. Also you will pay higher interest on credit cards, loans, insurance, and other financing. This will cost you thousands over the years.
The best thing to do is to stay put and wait for the property to go up in value. Over time they almost always go up. The location and the condition of the property will determine how quickly it goes up. You might want to do some research into the kinds of improvements you could do to the home to improve its value. |
|
Vince M
|
Real estate, as an investment carries the same risks as ANY kind of investment. One shouldn't get into the market without knowing about it.
Blaming the agent is like blameing the used car salesman if something goes wrong with the car.
Your agent didn't exactly LIE to you. He was probably stating what most people believe. In general, real estate values tend to grow. But not always. There is no guarantee. Imagine someone that bought a brand new house in New Orleans, two weeks before hurricane Katrina hit.
Plus, property values go up and down based on all kinds of economic factors. As investment, it is still risky, even though the risks are traditionally low.
However, as housing, you lose ABSOLUTLE NO MONEY as long as you still live in the house, make your payments, and eventually pay it off.
If you are going to sell the house, then be prepared to take the loss. If you are going to let the bank reposess the house, remember that they will have to sell it, (for the loss) and you will STILL owe them the difference. If you choose to file for bankruptcy, then be ready for the fact that you will probably not be able to buy another house for, at least seven years. (or finance a car, or get a credit card with a reasonalble interest, or ANY kind of credit transacation)
I have sympathy for your situation. I have NO sypmathy for your blaming others for your situation. |
|
dumplingmuffin
|
that is called negative equity andits not good |
|
Amanda H
|
Well for one, you said on another question that you loaned 125% of the value so you could 'redecorate.'
And you should pay on it becuase you ASKED for that dollar amoun and the bank paid it. Its not their fault your invest ment is not paying off.
You CANNOT just 'turn the deed in'...they'll sell and then sue for the difference. YOu'll owe it and not have a house.
I think on the other question the difference was 15K? Within a year or so, inflation and market increases should cover that...but you'll still need a cushion for closing costs and realtor fees.
Hold onto your house for about 2 years and you'll be fine.... |
|
cjkloanguy@yahoo.com
|
Do you have to sell. you can wait it out. Over time you will gain 2% at least. over a five year span, you will be ahead. Now it depends on how much you leveraged also. So lets say your mortgage is 240K and you put down 20% at 60K. That totals 300K. Thats is what you will get compounded interest on, the whole 300K. Meanwhile if you had put the 60K in savings you would have earned only 2% on the 60K. As you can see the spot you are in is better then a savings. Unfortunaltely the real estate market isnt 100% secure. If the only factory in town closes down everyone moves, you investment/home drops badly. |
|
JD
 |
can you "just leave" it? i don't think so. not without some very negative consequences. try to re-finance your loan, or else, if you need to move, rent it out until the rates are better. |
|
jamescastle11
 |
I am a mortgage and investment specialist. If you want i ciuld see about helping you out. just give me an e-mail and we can further discuss it. |
|
walkerzo2000
|
Yes, I have a mobile home, all new mobile homes do this. As far as just giving it back to the bank, it would still be a foreclosure and would still go on your record. |
|
hunter6543
|
Suck it up its time to be a grown up now and stay with the house until the current realestate market in your area goes up enough for you to sell it. |
|
rouschkateer
|
Is the mortgage also calculating in the interest rate? Perhaps this could be what the price is. Some mortgages have the interest rates tallied into the payment, so paying $125,000 for a $75,000 house isn't too extreme.
Also, this isn't a good market for selling homes right now, and could be the reason why the prices are being lowered. Talk to your bank, or real estate agent in the area. |
|
Pay No Taxes For Life
|
No need to panic. Depending upon where you live housing prices may be still be declining. However, this will change in the next year. If you need to move, then it sounds as if you will need to walk away from it. See if an investor will buy it from you or you may be able to deed it to someone who can make the payments. This site has many reports that will answer that will most likely answer most of your questions -- www.paynotaxesforlife.com |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
15 | 25 minutes(s) ago
| | | |
15 | 37 minutes(s) ago
| | | |
15 | 47 minutes(s) ago
| | | |
15 | 1 hour(s) ago
| | | |
15 | 3 hour(s) ago
| | | |
15 | 4 hour(s) ago
| | | |
15 | 6 hour(s) ago
| | | |
15 | 8 hour(s) ago
| | | |
9 | 10 hour(s) ago
| | | |
15 | 11 hour(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
