Is there help for declining house values

dbrow45 · Joined: 18 Apr 2008 Posts: 2 1.42 Dollars($)

Is there any help for declining house values. I now own a house that I,m paying more than its worth

helping_user · Posted: Fri Apr 18, 2008 9:41 pm Post subject: RE: paying more than home value

Welcome Dbrow.

Since your home value is on a decline, it won't be easier to sell and retrieve the loan balance if you're upside down. But are you having problems paying your mortgage? you can have a straight talk with your lender regarding any problems you're facing on your mortgage.

If possible, he can provide you with an alternative payment plan. But you can share your situation here in detail and the community will be willing to help you with the right advice.

Thanks.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Dbrow.

Welcome to the forum.

Are you not able to make the monthly mortgage payments? If you do not have any problems to make mortgage payments then think twice before you walk out of your mortgage. Home prices has gone down of the sub prime crisis but the market will not remain the same.

Best of luck,
Larry

gmakerley · Posted: Sat Apr 19, 2008 6:17 am Post subject:

i think the best advice that someone in your situation can receive is to maintain payments on the home, regardless of the declining value. walking away simply because property values have fallen is not wise at all, yet people have been doing that.

hold on - there is no guarantee that your home's value will continue to fall long-term. of course, there's no guarantee it will increase as rapidly as it has fallen, either.

gee...no guarantees in life...isn't that a strange concept?

anyway, you haven't mentioned walking away, so i don't suppose that's been an option yet. if that's the case, i'm glad. i hope you'll be able to maintain.

dbrow45 · Joined: 18 Apr 2008 Posts: 2 1.42 Dollars($)

Thank u 4 reply. i will take your advice and hope for the best. I still wish i could run away and start over with the new lower intrest rates.

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