Anybody underwater on their mortage (Atlanta: foreclosures, rental, condo)

[mrdkb]

I don't think the gov plan will do much to help those who had a decent downpayment, good job, good credit rating - but are now underwater.

[SOMUTCH]

Seems like the Gov't is never there to help those that can help themselves (statistically speaking). It always about being "entitled". Why should someone, person or company, be given Federal help for poor investments? Those that work hard and pay their bills (or try to), get little to nothing in the way of help. I guess they have proven they know better but the others can plead ignorance and play the victim card.

I don't get it.

[BobKovacs]

Who said it was supposed to? If I signed up for a mortgage at $XX/month, and I have a job that allows me to continue to pay that mortgage, why should the government "help me" just because the housing market has eroded?

[bayarea-girl]

With the latest bailout package is it suppose to stop the declining homes prices or will things be just as expensive? Homes are still overpriced in CA. If people haven't paid their mortgage for months are they getting rescued or is it the people who's values are lost and or the interest rates are set to increase?

[noah]

Exactly. In the short term I may have a paper loss but eventually it will come back up, it always has. Doesn't make you feel any better about the short term though. Now, if they do help those that are at risk of losing their homes and they are able to keep their homes that should help stabalize values, including mine and prevent a further slide in the short term.

Originally Posted by BobKovacs

Who said it was supposed to? If I signed up for a mortgage at $XX/month, and I have a job that allows me to continue to pay that mortgage, why should the government "help me" just because the housing market has eroded?

[RoslynHolcomb]

Anything that will help stabilize home prices is to the good for us. We put all our equity from our previous home into this one, so currently our mortgage is about half the home's value, but if prices keep freefalling we might be in trouble. All we need at the moment is stabilization, and that can't happen with all these foreclosures flooding the market.

[Mattie]

I had lunch with a realtor friend today. She said things are picking up a little, but it is the first time buyers who are calling. They want that $15,000 tax break.

[FromCLTtoATL]

Thank God, I'm not underwater. However, I can't get an offer on my place. I've lowered the price by $20,000 and offered $5,000 in incentives. NOT A NIBBLE. But I'm paying on a rental home in Atlanta and making the mortgage payments on an empty condo in Charlotte. Last week, I also put the condo on the market as a rental. STILL NO NIBBLES. It's very depressing.

But by watching every single dime like a hawk, I'm able to pay both my rent and my mortgage. (Lots of PB&J sandwiches). But it's very depressing to be working this hard and cutting expenses to the the bone just to stay even.

I feel like played by all the rules and got screwed. I have a 30-year mortgage, fixed rate and paid down some of the principal along. I still have a 1986 Sony TV. I got a three-year loan on a used car. I pay my credit cards off in full every month. I didn't enjoy any of the carefree conspicuous consumption others indulged in, but yet I'm also paying the price for it. Sigh.

[FromCLTtoATL]

Originally Posted by Mattie

I had lunch with a realtor friend today. She said things are picking up a little, but it is the first time buyers who are calling. They want that $15,000 tax break.

I hope that's true. But at this stage, hope is starting to feel like a cruel prank.

[atlantagreg30127]

These times make for good lessons to learn.

If in the future the bank says you "qualify" for $300,000 - guess what? Find a house for $225,000 instead. Bank the rest. You'll pay the house off years in advance and retire early, while the Joneses down the street stretched it to the very limit and have to work 60 hours a week just to make the house payment of their McMansion.

Half the people I know are underwater with their mortgages, as you phrased it. Those same people however, pushed their budgets to the absolute limits because they demanded to have the "perfect" homes - even if it was their very first home buy.