Zillow Advice: Mortgage Types - Paid $529k for condo; now worth $441k. Payments=$4k/month. Soon - worth nothing! But will still owe! http://www.zillow.com/advice-thread/Paid-529k-for-condo-now-worth-441k-Payments-4k-month-Soon-worth-nothing-But-will-still-owe/188961/ Zillow Advice | Zillow Real Estate If the first mortgage is ... http://www.zillow.com/advice-thread/Paid-529k-for-condo-now-worth-441k-Payments-4k-month-Soon-worth-nothing-But-will-still-owe/188961/ <p><br/>If the first mortgage is under 105% LTV and second mortgage totals less than 125% CLTV then we may be able to help. We have a new program that is built to <a rel="nofollow" href="http://www.nwmortgageexperts.com/refinance_options.shtml">help homeowners refinance</a> even if the value has dropped, however there will still be income requirements. Maybe get a roommate if you already haven't.</p> Thu, 04 Mar 2010 04:11:00 GMT http://www.zillow.com/advice-thread/Paid-529k-for-condo-now-worth-441k-Payments-4k-month-Soon-worth-nothing-But-will-still-owe/188961/ 2010-03-04T04:11:00Z Soon worth nothing?The only ... http://www.zillow.com/advice-thread/Paid-529k-for-condo-now-worth-441k-Payments-4k-month-Soon-worth-nothing-But-will-still-owe/188961/ Soon worth nothing?<br/><br/>The only way it will be worth "nothing" is if it is destroyed in a manner that is not insured.<br/><br/>Of course environmental hazards may lead to a similar situation, but if the environmental hazards are that bad, you probably couldn't have purchased it.<br/><br/>But, it may be worth nothing to you, so walk away.<br/><br/> Tue, 03 Feb 2009 07:20:00 GMT http://www.zillow.com/advice-thread/Paid-529k-for-condo-now-worth-441k-Payments-4k-month-Soon-worth-nothing-But-will-still-owe/188961/ 2009-02-03T07:20:00Z LOLYou play a victim very ... http://www.zillow.com/advice-thread/Paid-529k-for-condo-now-worth-441k-Payments-4k-month-Soon-worth-nothing-But-will-still-owe/188961/ <p>LOL<br/><br/>You play a victim very well!</p> Fri, 30 Jan 2009 20:56:00 GMT http://www.zillow.com/advice-thread/Paid-529k-for-condo-now-worth-441k-Payments-4k-month-Soon-worth-nothing-But-will-still-owe/188961/ 2009-01-30T20:56:00Z Great rant. My favorite line..."Its ... http://www.zillow.com/advice-thread/Paid-529k-for-condo-now-worth-441k-Payments-4k-month-Soon-worth-nothing-But-will-still-owe/188961/ Great rant. My favorite line...<br/><br/><em><strong>"Its BS that if our property goes down in value that we should have to have the same payments - b/c if it GOES UP in value - its the exact opposite."<br/></strong></em><br/>What is "the exact opposite"? Whether my house goes up or down in value, my payments stayed the same (unless, of course, I used my house's increased value as an ATM and yanked money out). Fri, 30 Jan 2009 20:17:00 GMT http://www.zillow.com/advice-thread/Paid-529k-for-condo-now-worth-441k-Payments-4k-month-Soon-worth-nothing-But-will-still-owe/188961/ 2009-01-30T20:17:00Z This is the most ridiculous ... http://www.zillow.com/advice-thread/Paid-529k-for-condo-now-worth-441k-Payments-4k-month-Soon-worth-nothing-But-will-still-owe/188961/ This is the most ridiculous rant I have ever heard!<br/><br/>Why not go back to the seller and ask them to pay your <a href="http://www.zillow.com/mortgage/">loan</a> down since they are the ones that walked away with the actual cash?&nbsp; <br/><br/>Why should the folks that gave you the money to buy your home not be entitled to get that money back! Fri, 30 Jan 2009 16:27:00 GMT http://www.zillow.com/advice-thread/Paid-529k-for-condo-now-worth-441k-Payments-4k-month-Soon-worth-nothing-But-will-still-owe/188961/ 2009-01-30T16:27:00Z I think it would be perfectly ... http://www.zillow.com/advice-thread/Paid-529k-for-condo-now-worth-441k-Payments-4k-month-Soon-worth-nothing-But-will-still-owe/188961/ I think it would be perfectly fair for payments to be proportional to the home's value.&nbsp; Of course, that means that if the value goes up, it would only make sense for your payments to go up too.<br/><br/>Do you need to sell or are payments too much for you to afford, or are you just complaining? Fri, 30 Jan 2009 13:42:00 GMT http://www.zillow.com/advice-thread/Paid-529k-for-condo-now-worth-441k-Payments-4k-month-Soon-worth-nothing-But-will-still-owe/188961/ 2009-01-30T13:42:00Z The Value of your home does ... http://www.zillow.com/advice-thread/Paid-529k-for-condo-now-worth-441k-Payments-4k-month-Soon-worth-nothing-But-will-still-owe/188961/ The Value of your home does not increase or decrease the amount of your payments?<br/>The amount the bank gave you to purchase your home and the <a href="http://www.zillow.com/Mortgage_Rates/">interest rate</a> agreed to are the only factors. &Acirc;&nbsp;If you signed up for an <a href="http://www.zillow.com/mortgage-glossary/Adjustable-Rate-Mortgage-%28ARM%29/">adjustable rate mortgage</a> that was the risk you took. &Acirc;&nbsp;A low rate for the introductory period in exchange for the risk of a higher rate down the road. &Acirc;&nbsp;If this was not disclosed to you and documented with a Truth in lending sign-off by you then you might have a case to argue for a <a href="http://www.zillow.com/loan-modification/">loan modification</a> for more economical terms with a new loan structure. &Acirc;&nbsp;<br/><br/>It is only unethical and unfair if the Bank did not disclose to you the facts and the risks. &Acirc;&nbsp;If they did and it is documented not alot you can do.<br/><br/>Just because the value went down does not change the fact that they gave you the money and they are entitled to be repaid. &Acirc;&nbsp;The amenities you added, was that work done with Borrowed money too? &Acirc;&nbsp;This would also cause the increased payments without creating equity for you. &Acirc;&nbsp;All this magnified by a down market.<br/><br/>Lots of folks in the same tough spot today. &Acirc;&nbsp;If you are too upsidedown and cannot afford to repay the debt only option may be to short sell if loan modification is not an option.<br/><br/> Fri, 30 Jan 2009 06:28:00 GMT http://www.zillow.com/advice-thread/Paid-529k-for-condo-now-worth-441k-Payments-4k-month-Soon-worth-nothing-But-will-still-owe/188961/ 2009-01-30T06:28:00Z You can ask for a loan modification, ... http://www.zillow.com/advice-thread/Paid-529k-for-condo-now-worth-441k-Payments-4k-month-Soon-worth-nothing-But-will-still-owe/188961/ You can ask for a <a href="http://www.zillow.com/loan-modification/">loan modification</a>, depending on your situation.&nbsp; I am wondering what type of loan do you have fixed or adj.&nbsp; rate.&nbsp; There are motgage brokers also that may be able to assist you with your situation. Sat, 17 Jan 2009 00:06:00 GMT http://www.zillow.com/advice-thread/Paid-529k-for-condo-now-worth-441k-Payments-4k-month-Soon-worth-nothing-But-will-still-owe/188961/ 2009-01-17T00:06:00Z