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Old 02-20-2009, 08:46 AM
 
2,728 posts, read 7,347,655 times
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rpmhigh, it's not the taxpayers fault you made such a huge mistake. Next time "think" before going out and purchasing a home.
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Old 02-20-2009, 09:40 AM
 
Location: Censorshipville...
2,674 posts, read 6,237,402 times
Reputation: 1543
You all do not know the circumstances of why the OP cannot afford the house any longer. Job loss? Disability? Or are the rates resetting? Who knows. They are looking for a solution, not to be judged by the masses.

Like what was suggested, the only way not to ruin your credit is to somehow keep paying for the house. Maybe rent out a room or two. Get a second job.
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Old 02-20-2009, 10:39 AM
 
280 posts, read 968,835 times
Reputation: 105
When you consider the tax savings based on writing off the interest, a $2600 mortgage payment is only around $1800-1900 monthly out of pocket for housing. That is about the cost to rent a 2 bedroom apartment in our area. Not by any means extravagant, but again, depends on the income level.
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Old 02-20-2009, 11:11 AM
 
734 posts, read 1,728,352 times
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Quote:
Originally Posted by Novamom06 View Post
When you consider the tax savings based on writing off the interest, a $2600 mortgage payment is only around $1800-1900 monthly out of pocket for housing. That is about the cost to rent a 2 bedroom apartment in our area. Not by any means extravagant, but again, depends on the income level.
Sorry, but the income tax savings is frequently more than offset by the maintenance, repair, and property tax expenses that are required of purchases but not rentals. Purchasing a home has many advantages, but this is a distorted view.
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Old 02-20-2009, 11:19 AM
 
365 posts, read 920,314 times
Reputation: 173
Quote:
Originally Posted by VEIK View Post
2600 is not a lot for DC area.

2600 a month will barely get you a 400K house.
WOW! I had no idea it'd be that much. but then, we got offered a mortgage and when we saw $1700 mortgage payments, we patted the lender on the head and said no thanks. no way we can afford that, even with good salaries and we saw the way the economy was going and knew that if we bought that house that we'd be in trouble.
it is the fault of both sides. but the banks were in it for the money and now that they don't have any, we taxpayers have to pay our rent plus theirs. that's not fair.
but you know, when i say it is both sides fault, i'm not sure about that. people think they can afford something when a bank tells them they can and the person making commission sure didn't say they couldn't afford it either.

I have no suggestions but if your credit is going down, i'd opt for bankrupcy. at least you can reorganize and get on your feet.
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Old 02-20-2009, 11:31 AM
 
Location: TX
3,029 posts, read 10,640,844 times
Reputation: 1362
I'd call as many lenders as I could, try to get a 40 year mortgage to extend the payment out longer.
yes, you will owe far more than the house is worth for quite a few years but your credit will remain intact etc... when the economy picks up (and it will in a few years) the housing market will too. Remeber the lavish 80's followed the despirate 70's.

TONS of people are in upside mortgages right now or have been in the last few years and are not just walking away from the house. There are lots of companies out there working to save peoples houses etc...

It's really irks me to see people just stop making payments alltogether etc... I OWNED a house that steadily depricited the entire 2 years we lived in VA...we saved like crazy because we knew we were going to have buy ourselves out of the loan.
Is the govt going to reward me for NOT forclosing? I lost 95k, I pay my taxes etc... I sure would like a TAX break re-coup on the money I lost. etc...

NO, we don't know the circumstances of why she can no longer afford her home....

But since the majority of people foreclosing are ones who bought houses with no so great credit and little to NO money down etc... They do need to take some personal responsiblity.
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Old 02-20-2009, 11:33 AM
 
Location: -
488 posts, read 1,582,922 times
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It all depends on how much you make.
A lot of people make good $$$ in this area.
400K is not a big house, and in some areas is barely a TH (arlington....)
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Old 02-20-2009, 11:36 AM
 
Location: -
488 posts, read 1,582,922 times
Reputation: 103
Yup, people are upside down.
And they are walking away.
Life does not end with foreclosure.

F....just rent for a few years.
If you got a car thats paid off, you can live with bad credit for a LONG time.
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Old 02-20-2009, 11:41 AM
 
281 posts, read 894,654 times
Reputation: 150
Quote:
Originally Posted by ladihawkae View Post
WOW! I had no idea it'd be that much. but then, we got offered a mortgage and when we saw $1700 mortgage payments, we patted the lender on the head and said no thanks. no way we can afford that, even with good salaries and we saw the way the economy was going and knew that if we bought that house that we'd be in trouble.
it is the fault of both sides. but the banks were in it for the money and now that they don't have any, we taxpayers have to pay our rent plus theirs. that's not fair.
but you know, when i say it is both sides fault, i'm not sure about that. people think they can afford something when a bank tells them they can and the person making commission sure didn't say they couldn't afford it either.

I have no suggestions but if your credit is going down, i'd opt for bankrupcy. at least you can reorganize and get on your feet.
It really irks me when people complain about "their" taxes paying to help someone else out. Give me a break. What about taxpayer dollars going towards city-run food banks? Or homeless shelters? Is it fair that we pay for their food in addition to ours? Sheesh. Whatever happened to just helping out those in need? You have to pay taxes anyway, and it's not as though the government is requiring us to pay an additional amount.

Taxes are paid so that the government has money to better the country, not individuals. Helping out people who have fallen on hard times or made some bad decisions and who may lose their homes DOES better the country. Can you imagine what would happen to the country on a whole if no help is given to people like rpmhigh?
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Old 02-20-2009, 12:36 PM
 
280 posts, read 968,835 times
Reputation: 105
Quote:
Originally Posted by Mike From NIU View Post
Sorry, but the income tax savings is frequently more than offset by the maintenance, repair, and property tax expenses that are required of purchases but not rentals. Purchasing a home has many advantages, but this is a distorted view.
I hear your point, but you also didn't mention the other benefits to owning like paying down your principal and building equity. Which WILL happen again. Statistically homeownership comes out ahead. If you are in it for the long run.
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