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Old 03-03-2009, 10:52 AM
 
63 posts, read 318,172 times
Reputation: 54

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Count me as one who purchased in 2007 and am underwater on my mortgage by about 10%. It doesn't really matter since I plan to be in this house for years (even if that wasn't my original plan-it is now!) but if I lose my job and have to relocate to find work, I'm in trouble. I have a contingency account that could EITHER pay six months of my living expenses (including my mortgage) OR get me out of my house, but not both.

It is scary to live below my means, put money in savings every month, have a six month emergency account, but still to know I'd be in real trouble if I lost my job because the employment market is so bad right now.
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Old 03-03-2009, 10:57 AM
 
Location: Montrose, CA
3,031 posts, read 7,862,833 times
Reputation: 1925
Quote:
Originally Posted by dgrilley View Post
I bought a house for the amount I did because I thought it was worth that. .
Where was it ever written that a home's value cannot decrease? You took your chances and you guessed wrong. Thanks for contributing to the mess the economy is in.
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Old 03-03-2009, 03:17 PM
 
Location: State of Superior
8,575 posts, read 13,453,719 times
Reputation: 2707
Quote:
Originally Posted by SuSuSushi View Post
Where was it ever written that a home's value cannot decrease? You took your chances and you guessed wrong. Thanks for contributing to the mess the economy is in.
Just like where was it written that the national debt should be where it is ? . Also , where was it written that the paper our money is printed on is worth anything ? " The full faith and trust of the United States ".........?
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Old 03-03-2009, 06:34 PM
 
Location: Alexandria, VA
10,712 posts, read 19,040,812 times
Reputation: 14653
As I and others have stated before: your home is worth what it is worth to you! a HOME. I assure you nobody every refunded the mortgage company when the home valuation went up. If you can afford to live in your home, continue to do so. If you were someone that bought thinking "money maker" then you are likely screwed. If you bought more than you could afford, then you deserve to be screwed.

What ever happened to scrimping and saving for your "dream" whatever that might be? Nothing in life is free. If your home appreciates - yippee. If it depreciates, that's the way the ball rolls, but that's still your home and you owe less in taxes. Did you raise your family there? Do you have fond memories? (doesn't matter if your kids had to share a bedroom: heaven forbid, or if each person didn't have their own bathroom, again - OMG!!).

I'm not that old but I am amazed at what people seem to think they are "owed".

I've talked to many people that said if we had sold or did sell, we couldn't afford to live here. The same is true in many areas. Think back though to your childhood (or maybe earlier for the younger folk) - NOBODY thought they were OWED anything - they worked hard for what they got, even though it might not have been the best - it was THEIRS.
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Old 03-03-2009, 06:44 PM
 
755 posts, read 2,202,831 times
Reputation: 320
Quote:
Originally Posted by SuSuSushi View Post
Where was it ever written that a home's value cannot decrease? You took your chances and you guessed wrong. Thanks for contributing to the mess the economy is in.
How frustrating that I can only add to your reputation once for this post!!
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Old 03-03-2009, 07:39 PM
 
Location: State of Superior
8,575 posts, read 13,453,719 times
Reputation: 2707
If Madoff can keep his NYC penthouse , and still swindle the people out of 50 Billion , ... maybe the average Joe DOES , need a bailout. Unless something is done with the Housing matter , the economy will never recover..... Could it be , that the American Homeowner , is too big to fail ? We are being told AIG is. Whats a few Trillion among friends.?
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Old 03-03-2009, 08:17 PM
 
Location: Houston, TX
2,373 posts, read 5,237,353 times
Reputation: 6211
Quote:
Originally Posted by Flamingo13 View Post
... If your home appreciates - yippee. If it depreciates, that's the way the ball rolls, but that's still your home and you owe less in taxes...
Not always true. My house isn't worth what I paid for it in 2002, but my property taxes go up each year, this year included. I tried to fight the property tax raise and no luck, they went up by about 11% this time.
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Old 03-17-2009, 03:43 PM
 
Location: North Cackelacky....in the hills.
19,556 posts, read 18,735,617 times
Reputation: 2496
We are underwater by about $30,000....owe $198,000,house just appraised for $168,000 and appraiser on a return visit(we were shocked at how much lower it was) said he could probably increase its value a little($180,000) but in all honesty it wouldn't sell for $168,000.

Funny thing is we got a second mortgage(without an appraisal it seems...) for $75,000 in 2007.This on top of the first mortgage for $141,000 seems now WAY out of whack considering the market was going down at the time.

We are probably going to lose the house but to be honest it is probably the best thing for us...we do not want to live here anymore and the only thing holding us back is this house.
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Old 03-17-2009, 04:14 PM
 
Location: State of Superior
8,575 posts, read 13,453,719 times
Reputation: 2707
Quote:
Originally Posted by oz in SC View Post
We are underwater by about $30,000....owe $198,000,house just appraised for $168,000 and appraiser on a return visit(we were shocked at how much lower it was) said he could probably increase its value a little($180,000) but in all honesty it wouldn't sell for $168,000.

Funny thing is we got a second mortgage(without an appraisal it seems...) for $75,000 in 2007.This on top of the first mortgage for $141,000 seems now WAY out of whack considering the market was going down at the time.

We are probably going to lose the house but to be honest it is probably the best thing for us...we do not want to live here anymore and the only thing holding us back is this house.
Looks like the second mortgage is where you got into trouble. A very common thing these days. All the " free money" is why we are all in the soup. Everyone , including the bankers and the home owners , were betting on home inflation..... from the real Estate agent on down , or up , we were told , a home never loses value , " its a great investment "... Those that have been very conservative have not this problem , but , that is not the " American way ".... money loans are what grows the economy , with out loans , there will never be a recovery. Spend , spend , spend , thats what will get things going again , its just basic economics.
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Old 03-17-2009, 06:17 PM
 
Location: Edina, MN, USA
6,881 posts, read 7,080,592 times
Reputation: 16141
Default Bravo Cleasach!!!

I agree with everything you have posted - and I'm glad you posted first because I wouldn't have been as tactful about it.
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