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Let's say you bought a house, like it did, in early 2003.
I spent a year looking, and thought I did the best I could at the time, I've never missed a payment, even when my wife was out of work for years ast a stay at home mom. The value nearly doubled by 2006, and I was a genius in my wife's eyes. Now, we are underwater on the house, and I am the fool that is to blame for wasting our savings. Suppose, my wife wanted to get a divorce for my financial incompetence.
Would she have a case, or are macroeconomic factors to blame?
Discuss.
(Hint. This is not a real estate thread.)
Of course it is your fault. The first problem is you buy into the term "Your house is your biggest investment". A house is just a home. It doesn't has value. You always need a place to stay.
I think ChrisfromChicago had a good point that was overlooked. Zillow is nowhere near accurate. I bought a condo for 55k last year and it's assessed at 80k. Zillow says it's worth 175k, or about 230 per sf, when detached homes on my block have been selling in the 110s. Zestimates can be wildly inaccurate. I would just hate to think that a Zestimate is causing you all this trouble.
Suppose, my wife wanted to get a divorce for my financial incompetence.
Would she have a case, or are macroeconomic factors to blame?
No.
...to have and behold from this day on, for better or for worse, for richer, for poorer, in sickness and in health, to love and to cherish; until death do us part.
I don't know if you said those words to your wife, but I said them to my husband and I take them seriously.
1) there are many things you buy together with your wife. Stocks, 401k,Cars, etc.
2) many of these things go down in value
3) No court in the land would find you negligent (i.e. enough people made the same decision) enough to punish you.
4) The expectation of you and your wife that houses go up in price -always - is false. yet when this doesn't happen. . .you should definitely take the irresponsibility yourself. You won't get sued by your wife, but that doesn't diminished its your fault
There is a difference between taking ownership/responsibility and negligence to the point of putting yourself at risk.
I did not borrow anything "on the house." It is simply worth $50k less than I paid in 2003, according to zillow.
My point was say I was hammered by the bubble and housing crash. Is my wife right in saying it was incompetence or mismanagement on my part that caused that $50k to disappear?
What exactly do you mean " underwater" ? The house is worth less then what you payed for it? So what, its still the same house. The house you thought was worth it when you bought it. The house didnt change.
I did not borrow anything "on the house." It is simply worth $50k less than I paid in 2003, according to zillow.
My point was say I was hammered by the bubble and housing crash. Is my wife right in saying it was incompetence or mismanagement on my part that caused that $50k to disappear?
Zilliow is not accurate at all.
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