Profile picture for ManangBiday

I purchased my property @$410k and is now valued @$250k. What should I do?

I have $320k balance on my mortgage.
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February 05 2011 - Clinton
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Answers (3)

Profile picture for wetdawgs
There are many possible answers:

a.  If you can afford the payments and need somewhere to live, breath deeply and ignore the current value.

b. If you are having financial hardships due to changed circumstances since purchasing, consider a short sale.

c.  If you've got cash, pay it off and breath deeply.
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February 05 2011
That is a tough question. Depending on how much you owe. If you owe less than current value and the turnaround in your market area is years away, (and if you are young enough,making a good income) you can decide to 'bite the bullet' and get out.  Other owners who are 'under water' but can afford to stay, pay, just keep doing so hoping things will turn around sooner than later.  The last category is the most difficult situation and, depending on their financial picture, can either make the effort to work a deal with their lender or, in more dire situations, will sometimes walk away. Hopefully the market will turn and you will re-coup your value.
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February 05 2011
Profile picture for Pasadenan
Pay off the $320k and then your mortgage won't be "underwater" as you wouldn't have one.
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February 05 2011
 
Related Questions
I purchased my property @$410k and is now valued @$250k. What should I do?
Profile picture for wetdawgs
Latest answer by wetdawgs
February 05 2011 | 3 answers
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