 Does the amount you pay for mortage every month increases overtime? |
| my parents just bought a home that they cant even afford (700.00 in san francisco),the mortage payments will be 10 thousand dollars every month for 30 years,which i think is totally crazy,i am sure ... |
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 Can i report a landlord? |
| my brother in law became my landlord and i go without heat for weeks and days at a time no hall way lights either its unsafe to live here.and i have animals running around in my apt walls,and when ... |
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 Rental Property Electrical? |
| We are looking at purchasing a 2 bedroom home for rental property. It currently has 60 amp service with knob & tube wiring. Our city code requires 100 amp service but do we have to upgrade before ... |
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 Can a landlord send me to collections when I do not live at the apartment? |
| I signed a lease beginning in September and moved out before October, leaving the lease in my name, however my ex husband, his girlfriend and his cousin are living in the apartment that is in both of ... |
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 When will housing prices bottom out in So. California? |
| We are looking to buy a home soon. Some say buy now, some say wait 6 months until the market bottoms out and prices will be rock bottom. Any statistics or opinions on this?... |
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 Can I sue the selling agent for mental stress? |
| Okay, I have been trying to buy this home since the beginning of Dec. (07). I have given the selling agent 2 extentions, due to them not doing what they should on a timely manner (fixing the gas leak ... |
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 How much should I pun down on a house? |
| How much should I save up for a down payment on a house? I’m thinking about getting one that’s no more than $150,000.... |
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 What tips to sell a house quickly? |
| Want to avoid going through a realtor, lots of pretty land in country (though not so pretty in winter) - house is small - also, how can small cracks in the walls be covered?... |
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 Denying a Potential Tenant Application? |
| okay i am on a condo association board and we had someone apply who wants to rent. he gave us an application and lied about his criminal history and we denied it- now he is talking about suing- can ... |
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 Landlord refused to give me deposit! HELP!!!!? |
| I moved from NY to TX in 8/07. My landloard in NY still refused to give me my $1200 deposit. I called + email. He keep postponing it. Now he don't even answer my call + email!!!! It's ... |
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 Question about buying a flipped house? |
The seller bought the house in april 07 for 91,000.00
They maybe put 10,000 into fixing it up and now want to sell for 134,900. Is this justified? Can I lowball and get a much better price?
<... |
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 I rent and have modified my apartment will i be fined? |
| the place was a wreck so i took the doors off the cabinets and painted everything white to make it look nicer. i feel it makes it much better but am worried the owner will charge me or evict me. i ... |
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 Closing Gifts? |
I want to get feedback on what you would expect from a Realtor as a closing gift when you purchase your home. Thanks
Additional Details
wow great answrs...I am shocked at your gifts! I ... |
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 What U.S state has a good asian population besides California and New York? |
| and is a good state to live in lol ...that has entertainment (major) industries such as record labels etc....and a good nightlife...safe....and good quality of life?im not racisis or anything but its ... |
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 We have been living in a apartment for months on a 13 month lease? |
| We want a house because of a new baby coming. Our rent is $580 a month for 500 or so square feet, is that a bad deal? How can we break the lease. The lease says if we do we must pay 200 plus the 580 ... |
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 If my landlord does not pay his mortgage with the rent money I give him? |
What rights do I have if I were ever to be evicted?
Additional Details
Sorry, I should have added that they bank may want to repossess the property. Nothing whatsoever to do with me ... |
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Keri A | What do you do when your home's value is $200000 less than you paid but you are current with your payments? |
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MavistheMaven
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You remember that you bought a HOME, not an investment. You keep paying and you keep living there. It should also mean that your property taxes should go down.
If your income is high enough, I suppose you could sell it, pay off your mortgage and write off the difference in price as a tax loss.
If your credit is good, you really don't want to ruin it by abandoning your mortgage and letting the bank foreclose on the house.
You suck it up, keep paying and remember that it was worth it to you to pay whatever price you bought it for when you bought it. Maybe if you live in it for a few more decades, the price will come back up - but the home's value is that you're living in it. When I buy a blouse for $50 and wear it, and it later goes on sale for $25, all I can do is say, "Oh well" and continue to enjoy wearing my blouse. I liked it enough at $50 to buy it, after all.
If you have some equity in the house, the when credit unfreezes, consider buying a second house or a condo to rent out. Prices will be much lower, so you can balance out your perceived loss on your home with a gain in the value or from the income of the new purchase. |
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Mark C
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Wait until the value goes back up, meanwhile pay the mortgage as usual.
It is the same if your house was worth 200,000 more than you paid for it, this is how the Real Estate markets fluctuate. |
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hensen
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You wait for the market to hopefully come back up. No ones house right now is worth what they paid for it, at least the majority of people. It has nothing to do with making your payments. |
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goz1111
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You can try loan modification but in majority of instances the bank will adjust the interest payment and back end the monies on the loan, very rarely can you get a reduction in principal of the loan
If not then one will have to wait out the housing bubble for risk foreclosure
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bud68
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You keep paying. The fact that the market value has declined does not change your obligation. |
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Big Bully
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Hold on to it and 10 to 15 years you should break even, |
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acermill
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You keep paying the mortgage to which you are obligated. The value of the house has absolutely nothing to do with the amount of money you borrowed nor with your obligation to make the payments to which you agreed.
I gather you somehow assumed (wrongly) that there would always be positive equity in your house. That is simply not the case, nor has it ever been the case. There is no guarantee that real estate will change in value in either direction. Right now, it has changed in value in a way which none of us would prefer. |
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silvestre c
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i don't know. |
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organizeyourbiz
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Sit and wait for the market to recover. |
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mortgage underwriter
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Call your county tax assessor's office. Ask if they will re-assess your property. It's a small savings, but a few buck here and a few bucks there.
As far as modifying your current note... I spoke with a friend at CW, they are not doing modifications on borrower's that are current. BUT, if you don't make your payment and call on the 16th (your late but not 30 days late that will effect your credit report), they will talk to you. Keep making your payments as long as you can. When this market comes back you want your credit to be great.
I'm waiting for Nov. 16th to call. I've all ready made my Oct. payment.
I'm $200k upside down and I'm in the business. It would cost me the same to rent a place as to make my mortgage payment. |
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Patrick
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First you realize that you paid too much for your home.
Imagine you bought a new car for $25,000. You and the seller (the auto dealership) negotiated the price and you felt good about it. You drive the car off the lot and later meet someone with exactly the same car. While talking you realize he paid $22,000 for the exact same car. What does that mean, it means you overpaid for the car. Either way you still owe the bank $25,000 because that was what you asked to borrow and the bank agreed to lend.
What should you do? Keep paying your mortgage. the good thing about real estate (as opposed to cars) is that house values will eventually bounce back. Car values generally go down all the time.
Think that the huge boom in housing lasted for around 6 years. It will take longer to rebound (once the rebound starts). The value should return in 10 years or so. |
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♥ Heaven ♥ Lee ♥
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You mean you had an appraisal done and the value came in less than 200,000?
Unlikely.
It has NOTHING to do with you make payments on your mortgage. |
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