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How many homeowners out there are in a upside down mortgage?

Do you think that it is fair, we are paying more for our homes than they are worth? And do you think, the govenment should re-mortgage our homes to a fair price on how much our homes are really worth?

 
tyme4me2day

Asked by tyme4me2day at 11:30 AM on Jan. 25, 2009 in Politics & Current Events

Level 17 (3,251 Credits)
This question is closed.
Answers (78)
  • Excuse me, above anon, um, my mortgage is modest too. It is well less than we qualified for too. But my income is down. I am not asking for a handout. I just think they should use bailout money to refinance my loan w/ a differnet rate or term, My rate was 6.75% as I qualified for 5 yrs ago. That is all.
    Anonymous

    Answer by Anonymous at 9:01 PM on Jan. 25, 2009

  • I don't know about mortgage but i am in my car
    4kids1970

    Answer by 4kids1970 at 11:37 AM on Jan. 25, 2009

  • No. Home values go up and down based on supply and demand. It's like the stock market. If your stocks go down, does that mean you should get a refund? No. If stocks go up in value, should you give your profits back? No.

    The same goes for home values! The goal is to buy low and sell high! If you bought at the height of the market, you should have understood that you are unlikely to see any significant profit on that home, and have been content to stay in it for the long haul.

    continued

    LoriKeet

    Answer by LoriKeet at 11:37 AM on Jan. 25, 2009

  • House flippers did well early on, BEFORE home values ballooned. However, MANY got stuck with homes they could not afford or had no intention of keeping when the market stalled and subsequently burst.

    You should have purchased a home that you could afford without having to take out equity loans or refinance..those kinds are profits are bonuses and should not have been expected! Perhaps you will be lucky and the market will rebound, and you'll be able to break even or make a profit--but not for at least 10+ years, unless of course you live in a HIGHLY desirable neighborhood.
    LoriKeet

    Answer by LoriKeet at 11:37 AM on Jan. 25, 2009

  • Depends on the situation. If you are not upside down but are paying more because there are so many foreclosed homes around then yes. But if you bought a home an using an ARM mortgage loan on a home you shouldn't have been able to purchase in the first place, then NO. It just makes me sick to my knees to see people struggling in the first place because they are in a home they couldn't afford in the first place and are causing those who are in a home they can afford to loose the value of their home.

    *It is totally different circumstance if the inhabitants lost their jobs.*
    usmc0351wife

    Answer by usmc0351wife at 11:38 AM on Jan. 25, 2009

  • We are about right on our mortage now....we got a VERY good deal when we bought our house and now the price and mortage are just about the same.

    We are happy with that, considering the state some people are in. And we also feel like home prices will eventually go back up and we will be in the up side!

    I do feel sorry for some, but I also know that many people have bought homes that they truely could not afford. The banks are at fault for SOME of that, but home owners need to be smart about investments as well too.
    Anonymous

    Answer by Anonymous at 11:41 AM on Jan. 25, 2009

  • It depends on the people. My parents bought a house in Florida for a quarter of a million dollars and today it's worth about 80K less. They bought their home knowing they could afford it no matter what. Right now where they live it's an area with the most foreclosures anywhere, so it really sucks for them!

    Now, for the people who bought homes where they just couldn't afford it in the first place and are having problems, hey that's their own fault. They shouldn't have bought the house to begin with and people like that are causing my parents problems! So no, I don't think they should be getting any help at all and it's really not fair.
    Anonymous

    Answer by Anonymous at 11:43 AM on Jan. 25, 2009

  • People, STOP looking to the government for anything. Just STOP.
    LIfe isn't fair, you got a raw deal, that sometimes happens. Pay your mortgage and wait it out.
    If your home had skyrocketed in price and you sold high you wouldn't be willing to pay more in taxes or give some to your neighbor just because.
    This kind of post just makes me sick.
    akinbottom2

    Answer by akinbottom2 at 11:43 AM on Jan. 25, 2009

  • In an ADJACENT subdivision to ours (meaning the families live on the same street, children attend the same schools as ours, etc.), NEW home construction (same square footage on MUCH smaller lots) is still STARTING in the $450,000-$600,000 range...yes....in THIS economy! Will these people see a PROFIT on these homes? NO! By the time the market rebounds (10+ years), those $500,000+ homes will be 10+ years old, and who in their right mind would spend that kind of money on an "old and used" home?

    Should these people get a refund, or have their homes value lowered because they bought new at the height of the market in a horrible economy? No! Just like we shouldn't have our home assessed for, and have to pay significantly more than we paid for it!
    LoriKeet

    Answer by LoriKeet at 11:44 AM on Jan. 25, 2009

  • akinbottom2 why are you here on this post?
    tyme4me2day

    Answer by tyme4me2day at 11:45 AM on Jan. 25, 2009

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