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ZORRROOOOO | Should i refinance my 500,000 home for 400,000 or let it go and buy it back next year for 200,000? |
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reenzz
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You will not be able to qualify for a mortgage once foreclosure has taken place. Unless you plan to pay cash next year. |
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jestduck1
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Do you mean let it go back to the bank???? If so, you will not be able to purchase it or any other home for quite a number of years, forclosure has an extremely adverse effect on your credit.
You also don't know what is going to happen to the market in your area in the next year - values may stabilize. Your best bet is to talk to a local Realtor and get a good idea what the market has been doing for the past 6 months, and what it is expected to do in the next 6 months. You should also check with your mortgage banker - if your home value has dropped significantly, you may not have an option to refinance.
Good luck |
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acermill
|
The other posters here are quite correct. And, in the ODD chance that you are able to come up with $200,000 in cash to buy back this property (you won't get a mortgage after a foreclosure), the FIRST lender involved is NOT going to let you escape without litigation to recover what it lost.
Foreclosure isn't nearly as simple as you seem to think it may be. |
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Waqar
 |
That doesn't even make sense, where do you people come up with these ideas?
Don't you realize that it's YOUR economy your screwing up?
You agreed to pay a mortgage for thirty years... MAN UP!
What would your parents think of you? |
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estielmo
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And if somone bids 200,100? It's gone forever. |
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ibu guru
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You cannot "just walk away" from your mortgage. The lender will have to foreclose and/or force you into bankruptcy. Next year, you will still be in financial meltdown, the bank/lender will own your home and will not sell it back to you, of all people, under any circumstances, and you will not be able to get a $200,000 mortgage (or a car loan, for that matter)!
Foreclosures and bankruptcies stay on your credit report for ten years after they are discharged.
If you must refi, try that first. You are better off in the long run to keep your house and your credit regardless of the ups-and-downs of price cycles. |
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godged
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I don't think you have a clear understanding of this situation.
You cannot lower your mortgage amount because the house value is dropped. It doesn't work that way.
You don't "let it go" - the lender forecloses, and you don't obtain another mortgage for at least 2 years, maybe more.
Who knows what the value will be 2 years from now? |
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Lynn 911 - Dallas Top Realtor
 |
If you refinace it will cost you approx. $5K rolled into the new note, confused on how you would buy it back after a year, if it means you are allowing a foreclosure you won't be able to purchase a property for several years, negative info. on your credit report .
You need to determine your short and long term goals on the house. Then have your answers. |
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Chester B
 |
I was once in your situation. Don't worry, everything will work out for you =)
A year ago I found this organization that gives people up to $1500 in renter or mortagage assistance! They operate in most US cities, I highly suggest you try to get some of this money.
http://www.my-rent-mortgage-help.org
Good Luck! |
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Dont_taze_me_bro
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buy it back |
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