Sep
My home is not worth what I took out a mortgage for? I can make payments no problems but what do I do now. Economists say that houses will never be back up the where they where after the housing market crash so what do I do?
Answer:
~~This is a horrible situations so many people are in. You’re so lucky you can make your payments, thousands can't do that either.
You’re always free to walk away from the loan, but it's going to ruin your credit. Your chance of qulifying with bad credit for another home loan will become impossible.
Have you thought of advertising for a trade? Allot of people are doing this as they can no longer afford their home payment or the upkeep of a more massive home. That may be an excellent option for your situation. The only other substitute is sell if for what you can so you can get the room you need elsewhere, but that sounds pricey. It's eally a no win situation, unless you can do a trade.~~
Answer:
I don't know what economists you are referring to, but real estate cycles go up, then down, then up higher than before. It may indeed be six years or more until they again reach the heights but if this is a home you are living in and you can afford it, what difference does it make? Your real estate taxes should go down over the next two years, which will be nice.
Housing is shelter first. The notion that it would make us all rich was ridiculous. Over the long pull, it is still a good investment. I'm sorry your timing wasn't the best but don't worry about it. Time will cure it.
Answer:
So you got caught up in the Bubble… bought a house at a ridiculous
price because you thought that it would be worth twice that much in a couple of years… well… welcome to reality and the housing crash.
If you have no problem paying the morgage and you do not need to move then there is really nothing you need to do.
Your house is yours and the more you pay it off the more value it will have in the end. You may end up paying more for it altogether then it will ever be worth but is it really that bad?
Once you’ve it paid off… in about 30 years or so… then who knows what houses will be worth and you might actually be able to make a gain when you sell in 30 years.
Answer:
“Here's an idea just answer the question and leave your misguided thoughts to your selves.”
First of all…LOL!
You can sell and take the loss, or risk further dropping in the home's value. The future is uncertain. Who knows…the house market might recover, but even that possibility will take years.
I don't own a home and never did so don't take my advice as professional ok?
Answer:
Pay down the mortgage before you need to sell so you don't need to pay at closing.