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i am upside down on loan by 200 k. should i let this house go?

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December 16 2008 - Vacaville
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There's folks that are upside down by more!  You may qualify for a short sale!  
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March 12 2010
Profile picture for jal74

Another wonderful necro.

However, this post is a posterchild to how people are able to give incredibly bad advice and get a away with it.

California property that was $200K underwater 15 months ago is certainly underwater more than $200K now.  Every penny of principal paid in the last 15 months evaporated, plus more to boot.

Assuming you have only one mortgage, never took money out etc etc, yes, given that you live in the land of fruits and nuts (thats how the rest of the country thinks of California), you should have walked away back in December 2008.  Things have only gone from bad to worse and you won't see that 200+K loss for a decade if you are lucky.

More than likely you would have had 15 months to repair your credit, and saved a tremendous amount by being a renter during that time period.

Regards

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March 12 2010
Absolutely not.  Check with your bank to see if you are eligible for a  loan modification.  Unfortunately loan modifications are just band aids and will not work for most homeowners in the long run.   If this is the case with  you speak with an agent, that has a reasonabale amount of experience with short sales, that can help you leave your home with dignity and move on.
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March 11 2010
Profile picture for sunnyview
This poster posted back in 2008. I sure hope that they let it go, got a short sale or modified their loan by now. Life is too short to suffer financial pressure indefinitely. No house is worth that. Better a happy renter than an unhappy owner.
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March 11 2010

Buying a home is not easy, don't throw it away. It will be some time before you will qualify again. Renting after you've been a home owner is not easy. Paying rent is throwing money away and paying someone else mortgage. I understand it's frustrating dealing with your lender. Lender's are being acused of really bad service when it comes to loan mods. They are under staffed and many are new employees.
Do exhaust all your efforts and possibilities. In the long run your homes value will come back. In the meantime enjoy the tax benefits of owning.
Good Luck

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March 11 2010
Hi Dear,

Being upside down in a home is only terrible if you cannot pay the monthly mortgage payments.

As for the value and equity of the house, depending largely on what your goal was when you bought it. If you bought for the long term then equity will come back slowly and in the interim you can enjoy tax deductions on your mortgage interest payment, deduct property taxes on the federal level and claim depreciation to offset some of your active earned income.

I AM NOT SUGGESTING THAT YOU DO NOT GO BACK TO THE LENDER TO MODIFY OR GET A FORBEARANCE AGREEMENT. After all, if the property dropped in value you shouldn't be liable for a larger loan amount. But remember real estate always comes back

In you need help in renegotiating your loan I can help you as I have helped many clients before.

Joel Silberstein.
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March 11 2010
Cazze, 

You should not let go of the house before you explore your options of a loan modification, a forebarence, a short sale or a deed in lieu.  You should consult a local REALTOR who is familiar with short sales and nows how to assist you with the process.  Let me know if you need a referral for your area. 
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March 11 2010
Profile picture for someowens
yes, its not worth it. and banks run you thru hoops to try and renegotiate/loan mod, then always find a way to "lose" your paperwork. Set it free and be happy renting somewhere else knownig you are not throwing $$ at a sinking ship!
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March 11 2010
No. You are not alone in this situation. Nothing to worry about provided your loan was structured to be suitable and sustainable.
If someone tells you otherwise read this.
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December 19 2008
 
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