awphotog
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Nice try but why should they.
You bought at price xxx and pay based on that.
Just because it goes down is immaterial as the amount you borrowed was what it was worth then.
What about when it rises in value - should your mortgage go up??? |
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Tim
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When your house value goes up and you sell at a profit, should you give the bank more because the value went up?
The bank is not a partner in your home. They loaned you a dollar amount and using the home as collateral to guarantee the loan amount.
You owe them the amount of money that you borrowed. Pretty simple and fair. |
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Ryan M
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Nice thinking, but just because you overpaid for a house, does NOT mean that you get a break on your mortgage. Ever bought a new car?? It depreciates 25% the second you drive it off the lot! Does that mean that your car payments should be modified the very same day! HAHAHAHA! |
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GEORGE B
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Bet you didn`t complain when prices were rising |
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Gen X Agent
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I understand your frustration with the situation. It would be nice to see them do something for homeowners to help with devaluation of real estate. However, you purchased a home with a mortgage and that is what you are paying on, not the value.
Can you imagine how frustrated you would be if that worked both ways and your mortgage payment increased because your value increased? Imagine the public outcry in 2005 if that had been the case!
The mortgage is a note and it is no different than any other debt we incur. When we purchase a car we know that the minute we drive it off the lot we are upside down on that loan.
Sadly until the market recovers that is what it will be with housing as well. If you can afford your payment and treat your home as a home and not an investment you can ride this out for the long term. In time your home will appreciate again - not like 2004 or 2005, but it will go up in value and years from know that will be all that matters, not that for 18-24 months you were upside down 20+ years ago. |
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Tony B
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YOU bought the house, and borrowed the money to do it from the banks. You owe the banks the money you borrowed. The house itself and it's flutuating price has nothing to do with it. Did you up your payments to the banks when your house value increased. You didn't? Why not? |
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Douglas L
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HaHaHaHa. Banks are lenders of money not partners. They would not lend you any money unless they expected you to pay it all back. Banks do not make a huge amount of money on each dollar they lend. Banks borrow money at 3 or 4% by issuing CD`s, then loan it to you at 5 or 6%. What you are asking for is impractical and will never happen. |
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acermill
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I've seen quite a few looney approaches here in this forum, but yours ranks right up there at the top A lender provides you $200,000 to purchase a house, and you think they should write off some of that and lower your payment simply because the value has dropped ?
Would your mouth be in similar overdrive if the value of your house had doubled to $400,000, and be asking the bank to double your payments accordingly, because the value of your house went up ?
Get a grip, dude. This isn't. We aren't living in Wizard of Oz Land. |
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golferwhoworks
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Billy Boy you are getting slammmmmmmmed aren't you? Well you deserve every word that is being posted in these answers. LOL |
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WelshLad
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This has to be the most silliest question I have read. |
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Lily B Talus
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because that is the amount of money that you were lent |
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Leo F
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Where did you come up with this idea? When stock prices go down, I bet you think you should get your money back. |
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luludoodie
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Forget the house. You took on a legally binding debt under a contract in law.
Why should the lender not get back what he lent you (with interest!) |
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src50
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Did your lender promise you that the property value would continue to increase? Would you agree then that the lender should raise your mortgage balance if it did. You can't have you cake and eat it too. |
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economist4126
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a mortgage is a loan for a certain amount, usually the value of a home, backed by the house you are buying. You cant change the amount of the loan, they aren't really linked |
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anna b
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If the banks did that they would never make money,
if they never made money they wouldn't be able to lend you money to buy your house,
If they had no money for you to buy your house you wouldn't be asking this question.
Logic? |
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