Ibought a home in fl two years ago now the appraise value drop by 50% what do I have to do

paularoro · Joined: 16 May 2009 Posts: 3 1.77 Dollars($)

Ibought a home in fl two years ago, now the appraise value drop by 50% what do I have to do? I would like to give it back to the lender but I am worry about my credit

jenkin7 · Posted: Tue Oct 06, 2009 10:40 pm Post subject:

Hi paularoro,

There are a lot of people who are in your situation. I know it's quite hard to accept if your house drops in value within a short period of 2 years. But there is not much you can do about it. If you give it back to the lender through deed in lieu of foreclosure, it will affect your credit scores negatively. Are you having any difficulty in paying the mortgage? If you can afford the mortgage payments, you can just keep paying the mortgage. The real estate market is turning around. Thus, I would not be surprised if your house appraises at a higher value in a few years time.

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