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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?
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.)
It may not be your fault, but the debt is your responsibility. The current government and Obama has decided that there is nothing prosecute and no crimes committed in relation to the real estate bubble..... So you have no case in court for relying on false information when you purchased the house.
Did you take a bunch of equity out of the house in loans as the value went up? If so, then it is on you and many others who used their homes as ATM machines.
What does having a child to do with the equation? Do you feel like you overspent or can't afford the payment? If you can't afford the payment or didn't budget for it, then it is on you.
Did you put down 20% when you bought the house?
Did you take out additional mortgages or refinance for a higher loan as some point during the last 9 years?
Did you get a good market analysis on which way the market was heading in that neighborhood/area before purchasing the house?
Did you get a fixed 15 or 30 year loan with a competitive interest rate?
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.)
Just tell her it's all Bush's fault. That seems to work for those who want to blame all of their misfortunes on somebody else.
It may not be your fault, but the debt is your responsibility. The current government and Obama has decided that there is nothing prosecute and no crimes committed in relation to the real estate bubble..... So you have no case in court for relying on false information when you purchased the house.
Did you take a bunch of equity out of the house in loans as the value went up? If so, then it is on you and many others who used their homes as ATM machines.
What does having a child to do with the equation? Do you feel like you overspent or can't afford the payment? If you can't afford the payment or didn't budget for it, then it is on you.
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?
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.)
Okay? did the macro env force you to buy a house. did the Marcro env prevent you from noticing a bubble? Did the Macro-env sign your loan?
of course its your fault. When you buy things for more than its worth .. .whos else fault is it?
As far as your wife, what ??? Did you buy this house without telling her? She didn't look at it? Somehow i don't think this was a surprise/gift house.
and if it was, she shouldn't be looking at the teeth.
The answer is not that simple. In some cases it is "your" fault and in others it may not be so there is no definitive answer. In your case, you have to live somewhere, no?
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?
Zillow?
Seriously, you won't know what the house is worth until you sell it. . .but a real estate agent can do a better job with comparable.
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Quote:
Originally Posted by Fiddlehead
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?
If you bought the house because you wanted to live in it, what's changed? Why should it's value on paper affect your desire to live in it?
If you bought it hoping to make an easy score, it's like any other investment, there's risk involved.
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