Boston

[sc]

My problem is that I was in my thirties and tired of paying rent so I decided to buy.  3 months after I bought, prices dropped, and I lost 40 grand.  I may have got myself into something without thinking it through, as it is quite expensive.  Nobody will refinance me as I am upside down.  I have tried to get help, but I guess I am stuck in the middle, as I am not poor enough to get bailed out, but I don't make enough to keep my head above water.  I don't know if that makes sense.  It was all a learning experience, but I do think I will lose it soon. 

[sc]

I am in the same boat.  Makes me sick.  That is all I can say!!!

[sc]

I am in the same boat.  Very sad. 

[sc]

I am also upside down, and I couldn't get my mortgage company to come down a dime, so at least you got something out of it.  My condo fees went up so high, I can no longer afford my place, but I cannot sell it either due to the 40,000 drop, so I guess, for me, in time, foreclosure will be what I have to do.

[Craig Pitzi]

Who is saying thats truly your value? A good realtor could get you far more than some bank would appraise it at if you were trying to refinance. If that is what happened, and you are stating your home is worth 175,000 due to an appraisal, that is in no way reflective of what the open market may be willing to pay. So I wouldnt assume its worth as low as you think.

and please dont use sites like trulia or zillow to value your home! it is a computer, not able to make accurate adjustments for things like the 40k you spent fixing it up.

[#6]

What the Real State Agent is saying is true about the interest rates,

[#7]

1) If you can afford your payments, good. If you bought more home than you could afford, then you have to take some responsibility

2) If you are not struggling to make payments, like a previous person had posted, pay it off early. Easiest way without causing pain is to change to a bi-weekly mortgage

3) If you don't need to move, sit tight. The market will come back. No one can say when exactly, but it will. Historically homes have given a return of about 6%, and that is looking back through the 70'2, 80'2, 90's, and 00's.

4) Lastly, keep in mind that real estate is a supply and demand industry (and there is some speculation involved which is what got Las Vegas and florida into so much trouble).  The supply is high right now and the demand is low.  As such the value is seen as lower.  When demand starts to increase to values of homes will start to rise again.

[Ralph M.]

In the short term, I feel your pain. I have put more than $100K into my home since buying 12 years ago and yet it is still only worth a little less than what I paid for it. But it's my home, And I plan to be here for at least another 30 years, so what does it matter what it's worth on the market today? It's frustrating looking at the numbers, but sometimes you just have to ignore that and look past the trees to the forest. If you bought something to flip, then I'm sorry you made a gamble and lost. But if you love your home as I do, then any money you've spent to make it your special place shouldn't matter or account in the equation. I'm proud of my home and it makes me happy, so to me that's what's important. I feel the money I've put into it is well worth it for my enjoyment.

[Ralph M.]

NancyAnne, you totally nailed it. When my wife and I were looking for our first home 15 years ago, we were qualified for $320,000, when in fact we knew there was no way on earth we could afford that. We ended up buying at half that and were happy to do so. We were terrified to look at anything over $200K. Meanwhile, we've seen friends go for the high-end and boy did they live the nightmare. Greed gets you nowhere, and ignorance only gets you into trouble.

[Laurinda M.]

Of course a real estate agent is going to tell you its a great time to buy, ha ha, you better analyze the market yourself first!!!!!!!!!!!!!!!!!!