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IT IS WORTH TO KEEP A HOUSE THAT I BOUGTH FOR 259.000.00 NOW I OWE 178.000.00 TO THE BANK?

IT IS WORTH TO KEEP THIS HOUSE?
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August 17 2009 - Winter Garden
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Answers (8)

Best Answer
Depends on if you can really afford the payments and what the true current value is today.

You are missing a lot of vital information such as if the $178k 1st mtg is a result of you putting down $81k or did you get a debt reduction?

A lot of people who are upside down over $50k on their properties tend to want to walk away from the house even if they can really afford the home.

I suggest you contact your lender first if you are significantly upside down or cannot afford the payments.  You never know they may just modify and/or do a principle reduction.
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August 17 2009
Profile picture for MTtrader
Of course you realtors are reading it the rosy  way LOL ,, wake up, I highly drought that that's the real situation here, especially in this market!!!

  I believe this poster was trying to say he boughtat 259k and now the homes only worth 81k  so he's 178k  under water and pissed so wants s to kick itback to the bank. .. that's more like it today's market!!
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August 19 2009
Based on your question, it appears that you have equity in the house.  On that fact alone, it is worth it to keep the house.  If you are able to make the payments on the loan, and the house otherwise fits your needs, I suggest that you stay put.  If you are having trouble making the payments, you should contact your lender to see if you can obtain a modification of the loan.
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August 18 2009
You're in a good position, if your value is still holding. Check your neighborhood's recent activity.

Do you need to move, or planning to leverage your possible equity?
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August 18 2009
Profile picture for MTtrader
No, F them!! as they have been F'ing and about to F us all  again and again and will keep on untell we do somthing about it. !!!  

Thanks to our uncle Sam Banks now have control of the appraisal management companies (AMC's ) who set the prices. Read this post  Banks are now dictating the "appraised price"
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August 17 2009
Profile picture for wetdawgs
Where would you live if you chose to leave the house?  

Are you suggesting that the house is now worth less than you owe?   It isn't clear from the title.

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August 17 2009
Where else were you going to go?
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August 17 2009
Yes, what's wrong with your situation?  You bought for $259k and owe $178k?  You're fine. 



 
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August 17 2009
 
Related Questions
IT IS WORTH TO KEEP A HOUSE THAT I BOUGTH FOR 259.000.00 NOW I OWE 178.000.00 TO THE BANK?
Profile picture for MTtrader
Latest answer by MTtrader
August 19 2009 | 8 answers
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