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Aaron V | Should I Stay or Should I Go? |
I currently have an offer for a modification of my home loan with Wachovia. The payment is literally cut in half which is very nice and I can finally afford to keep my home. But I’m now thinking does it make sense to keep it.
The problem is that I still owe 147,000.00 more than my house is worth and Ufirstdirect, the company that is representing me is advising that Wachovia won’t do a principal reduction because my income supports the modified payment without a principal reduction.
So my question is; would I be better off walking from the property and renting a nicer home for the same payment? Or should I wait it out and hope my property value will come back. My fear is though that the property values in my area may never come back.
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Y!Arnlady
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Don't let the fear mongers win, again. This whole thing will blow over and the housing market will once again be healthy. Just stay put.
These ups and downs are perfectly normal and over a few years everything will be rosy again. Please do your homework and you will see that I am right. (As are several of these other people, you can't simply "walk away"). |
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golferwhoworks
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you are kidding right! Stay Stay Stay values will come back and it beats a foreclosure in your credit file that will be there 10 years |
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lisa w
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It is not as simple as the two options you presented.
You must also ask yourself if you are prepared to
1. Be a renter for the next 10 or so years
2. If you walk away from this house what the cost of walking away will be.
It is a common misunderstanding that you pack up and walk away and the banks just take the foreclosure with a pat on the back. Most likely you will owe them money and lots of it. Furthermore the foreclosure on your home loan will be the stuff that will keep you out of a home for quite some time in the foreseeable future.
If those things are okay with you then consider option two
If not and you can afford to do so I would probably stay put. Eventually your property will come back up in value (even if it takes ten years or more, it will happen) |
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haygirlc
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Home values will fluctuate (up and down) and it's long-term ownership that provides equity value, not two-year turnaround. You are quite fortunate the lender is even offering to work with you. Pay the reduced mortgage, stay in the house, build equity, use the tax breaks, and things work out over time. Or, bury your credit, you'll still owe debt, rent for years, throw your money away for sure. Humm... |
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sunny_1_
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This is a buyers market, not a sellers market. I say stay as long as you can and see if the value goes back up. A foreclosure will ruin your credit and if you are upside down $147,000 you will still end up owing the bank that money because you can't get that out of the house right now. Then you'll be renting and paying off the balance of your mortgage. I say stay and keep paying the mortgage. Eventually you will pay it off. You may never be able to realize any equity until it is paid for.
Also, in the meantime, pay extra on your mortgage every month. Add 1/12 th of your payment to your monthly payment and you will pay your house off earlier. This will help reduce the amount of interest you will pay over the life of the loan. |
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One Step Ahead
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Walk away will mess up your credit. Stay at least some dollars will be credited back to you. When you rent you no not get any type or credit. |
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Winters child
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drop the house and move on you'll be in a spiders web |
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rj4today
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I am a senior analyst at Ufirst Direct and it’s nice to hear we where able to save another home. What’s more pleasing is the fact that people like you are now taking a proactive stance in making the right choices for their financial future.
I have to say many of the readers have provided you with excellent advice but the truth is; only you can answer the question of whether to stay or to go.
The reason I say this is because only you can gauge the true value of your home, your neighbors, your kid’s friends, the local schools and your community in general. The underlining principal behind a loan modification is to protect these all-important assets, not just your monetary investment.
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estielmo
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Wait it out unless you were foolish enough to buy at the peak. |
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