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Answers (4)
"the market may turn soon..." do you mean the market may turn MUCH WORSE soon?
we have a 30% drop in sales and pending sales there Joe...
we have a 30% drop in sales and pending sales there Joe...
- Joe Sciarrino, "Joe Sciarrino"
- Contributions:246
Only consider a Loan Mod if you are behind or in danger of falling behind. That's who those programs are desiged for. Hang in there, the market may turn in your favor soon. Good luck.
- sunnyview
- Contributions:25139
Unfortunately, it is possible that your value is 25% lower than 4 years ago. The value chart for your area is here. It looks like prices have stopped dropping and may be more stable now, but 2006 was a bad year to buy houses in most places of the country.
If you are concerned, please don't rely on Zillow for your value. Call a local agent in your area and ask them for a Comparative Market Report (CMA) with current comps to see what your value stands. It is not a formal appraisal, but agents that are familiar with your are can do a good job of giving you an estimate based on recent sales.
If you are concerned, please don't rely on Zillow for your value. Call a local agent in your area and ask them for a Comparative Market Report (CMA) with current comps to see what your value stands. It is not a formal appraisal, but agents that are familiar with your are can do a good job of giving you an estimate based on recent sales.
- Aaron Dickinson, "Aaron Dickinson"
- Contributions:146
It could be - prices throughout the Twin Cities have fallen considerably since 2006. Keep in mind that any valuation estimate on this site or by the county is just that - an estimate. Taxable values historically have been off by 10% or more in many cases - they used to be low but now they're just as likely if not more likely to be higher than true value.
Loan modifications are only for those that can't financially afford to make their payments. If you can make your payments then you are most likely not going to get approved for a modification because you can't show a need for it. If your rate is above 5.5% and you plan to stay for a few years it may be good for you to look into doing a HARP refinance where they will drop the rate down to current market rates (4.75% or so right now) even if you owe more than the house is worth.
This housing market decline has been painful but in time it will recover - for a comparison, the stock market is still down dramatically from its record highs but has improved substantially from its lows too.
Loan modifications are only for those that can't financially afford to make their payments. If you can make your payments then you are most likely not going to get approved for a modification because you can't show a need for it. If your rate is above 5.5% and you plan to stay for a few years it may be good for you to look into doing a HARP refinance where they will drop the rate down to current market rates (4.75% or so right now) even if you owe more than the house is worth.
This housing market decline has been painful but in time it will recover - for a comparison, the stock market is still down dramatically from its record highs but has improved substantially from its lows too.
Purchase price in 2006 $410,000
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