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Replies (10)
- Carrie.
- Contributions:1996
HUH?
The bank loaned you money based on what the value of the home was determined to be in 2005. They are not going to fogive you that money becuse the market has gone down.
- Carrie.
- Contributions:1996
*forgive*
- mckylie
- Contributions:5034
I agree with Carrie's "HUH?"
- Waiting4Ever
- Contributions:684
Can you afford the payments?
- wetdawgs
- Contributions:26656
The value of the house is responsive to market demand. It is possible (probable) that your house value has already decreased relative to the market peak. However, can you decrease the amount of the mortgage and ask the bank to eat the difference (or the seller to give you money)? Not likely. You made a decision to buy at the price on the contract, and made a contract with the mortgage lender to pay back that amount.
House purchases are not like buying a pair of shoes and seeing them go on sale the next day, you can't get the difference back.
Yes, it is indeed painful and many people who bought at the peak are underwater. Hopefully you can afford the payments and plan to be there for some time.
- dunmoved
- Contributions:451
Hey if you do let me know because I've got this car loan....
- Carrie.
- Contributions:1996
LMAO dunmoved....me too
Don't pay your mortgage. Wait for the government bailout. Your new mortgage secured by the fed will be based on 85% of the current value. Get with the program. If you are going to start back pedelling do it right.
- nstarr
- Contributions:179
What bailout plan are you talking about?
- Jonathan Yokley, CMPS, "Wells Fargo Mortgage"
- Contributions:21
Unfortunetely there is nothing you can do now.... The real estate market is very similar to the stock market, it has ups and downs.... It will drive you crazy if you take a look at the values every day. The beautiful thing about a market is it always corrects itself- though somtime it takes time.
When you closed on your loan, you and the lender agreed to the value at the time based off the appraised value.... So right now you have a declining asset.... best thing is to wait and watch it pick back up (over the end of 2008 and through 2009 hopefully).....
You won't have any real tangible effects unless you have to sell the home and "bail out".... then you will have to take the loss.
home owner
I bought my home in 2005. I think I've paid too much for the actual value of the home. Is there anything I can do about decreasing the amount of the home?
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