Alerts are a great way for you to stay up-to-date on things you care about. We will email you a list of the new items that match your criteria at a time of your choosing.
A) You owe more on your house than you can sell it for
B) You don't have the money to make up the difference
C) YOU WANT TO UPGRADE?
D) See 'B'
You can try a short sale. In Texas, the rest of the debt is forgiven by the bank and it saves your credit. Ask your Realtor about doing a short sale....
Whether you're interested in buying your first home, your next home, or just want to know more about home-ownership in general, I encourage you to check out a couple of great online resources: http://www.texasrealestate.com/ or http://www.har.com/ and for all of your Pearland TX and Northern Brazoria and Galveston County real estate needs, please visit my site at http://www.danfrankrealty.com. All of these sites offer tons of useful, real estate-related information geared specifically for Texans.
Danny Frank is a local Pearland TX Real Estate expert.
"victims of a bad apraisal simply to approve a mortgage way higher than should have been allowed"
You are not a victim. You liquidated your house to cover your gluttonous spending habits. Don't blame the appraiser, you would chewed him out if he didn't do that.
you owe more than your house is worth, you can't make up the difference, you have it listed for more than you can seel it for-- and you want to UPGRADE? we aren't all owed 2000 sq ft per person, and if you have more things than you can stuff in your closets, try getting rid of some of it.
i can tell you, you're not getting a bigger, better house if you short sale/foreclose. may as well stay where you are, start paying down equity and wait to regain what the market has lost.
sell it for, sell it for
if you don't have the money to make up the negative equity in your current home, what are you going to use as a down payment on your "upgrade"? i don't think the lender is going to go with a short sale when know that you can afford to make the payment but just want to get out and buy a larger home. you don't seem to have any financial trouble other than wanting more than you can currently afford. suck it up and realize that you got yourself into this situation, now do what you can to get yourself out of it....make extra payments on the principal and accept the fact that you are going to be there for a while until you can pay it down or until the market turns around.
Most people under water are just happy to get out. This one actually wants to upgrade, and to something with instant "positive equity" (it sounds like the credit cards need to be relieved again).
This is America. Home of the shamelessly greedy, lazy, and irresponsible.
sunnyview, I just wonder, are you in the minority or the majority? The level of rampant, rabid stupidity is astounding. And it is out of control.
StuckinMI: Short sell, or mail the keys to the bank and get out of there. Go rent. Don't even THINK about owning again. You are clearly not responsible enough to handle it. And cut up those stupid credit cards. You don't deserve a house with "positive equity". You are just greedy and cannot control your own spending. Do you have a 401k, or is that tapped out as well?
Wow, I am with the doomers on this one. What complete irresponsibility for your finances. Sorry, but yoru #$%@ed. There is nothing you can do!
Well every now and then there is an "oh my god" moment, and this is one of them. The burning question is: is this a microcosm of America? I fear so, only most people keep their stupidity to themselves rather than broadcast it.
This sure has hit a nerve!! You can tell from the posts that there is little sympathy on this board, however, not much advice either. First as you know, it was and is always a bad idea to move credit card debt to a home. It means that you must pay for that credit card for 30 years (or the term of the loan). What you needed to do is pay the loan off as quickly as possible by making extra payments to the principle. The goal would to be pay off the house in 15 years.
2nd now that you have done that you cannot move up to a larger home until you can do so with a down payment. That will take some time.
So what would I do…. I would leave the home on the market until the contract with the agent runs out.(if you sell it for list price great) Then live in it (I’m sure it is not much more than rent would be) and SAVE as much money as possible. Put the home back on the market in a year and a half in the spring. Do it as a FSBO and save the 8 thousand dollars you will pay an agent. Use the time you have to learn as much as possible about FSBO and your market. Find a site and follow CLOSELY the homes that sold that would be comparable to your home. Then when you can break even or make a little put the home on the market yourself. You never said that you had to sell only that you needed an upgrade - you just want one. Many, many people grew up sharing a room with a brother or sister and we turned out fine. You CAN get by with the house you have until you can “move up” It WILL take a while but don’t ruin your credit and future by turning back in the house with jingle mail or selling short unless there is just no other way…
oh no, i've seen this post 3 times this week! today, for the first time in oh, about 6 months, i bought myself an article of clothing. it's not that i can't afford to buy myself clothes more often, but rather, that as a new homeowner, i want to save my money against roof leaks and water heater explosions. before that, i was saving for a downpayment. my closets have lots of empty space and are likely to stay that way. why? because i don't need to buy everything. do i have expensive things i enjoy? sure. i love my xbox. and i finance new games by trading in the old ones. is my house half empty of furniture? yup. i'll get there. do i have granite countertops and stainless steel appliances? no, but the appliances are a good brand, and work well, and my countertops, while out of date, suffice for now.
yes, i am the minority.
"but don’t ruin your credit and future by turning back in the house with jingle mail or selling short unless there is just no other way…"
You're assuming they have good credit. What from their post would give you that assumption?
"These people don't need sympathy; they are fine as is"
They need a swift kick in the ass. Not for what they've done (a house that inexpensive is really nothing big), but for what they want and what they think they're entitled to. It's the greed that pisses me off.
i know. they, and others like them, are going to sc*w the rest of us with falling house prices and bank bailouts, and i'm supposed to HELP them walk away from their starter house so they can get something better. \_/ <-- that's my care cup. it's empty
WOW!! Can I just say that the kindness today is impressive!!!
I didn't ask to be insulted by a bunch of people who don't even know me or my financial background, None of you has any idea how or what was on our credit cards or any details of the refinance!
If anyone has any real advice -that would be apreciated!
I understand we made a mistake, HOWEVER we are NOT in threat of foreclosure, We are NOT on Unemployement, We are NOT on welfare, We are NOT greedy, lazy Americans!! We are working class, trying to raise two kids to the best of our ability. Did I mention that my property value fell 8k last year alone!! That is the market here in MI, While our refi decision wasn't the smartest we still could have sold our house for 130k 2-3 years ago. We didn't realize, as I am sure most of you didn't either, that the housing market would fall as fast and as sharp as it did!
I simply would like to know from someone EDUCATED on the subject of mortgages and lending or real estate if there is anything at all we can or should do!!
\_/
stupid
thing won't post my care cup!
Thank You sburke!
Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy
We owe more than current value -HELP!
StuckinMI
Contributions: 9
View full profile
We are located in Michigan, we have lived in our house for 5.5 years. We made a very stupid move by refinancing our house to pay down credit card debt only one year after purchace. (victims of a bad apraisal simply to approve a mortgage way higher than should have been allowed) Now we owe 125k and our house is worth 115k (based on property tax values). We currently have our house listed with a realitor for 133k (all parties knowing full well this house won't sell in todays market for that price, but this would leave us breaking even on our loan + realitor commission) We also don't have enough money in our savings account to pay the difference and it would take us about 3 years to do so. We are not behind in our payments we've just out grown our "starter home" and are ready to upgrade.
Any suggestions on how to get out from under our negative equity here and on to a new house with positive equity?
If you find this content is in violation of our Good Neighbor Policy, please let us know and we will review it.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.