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Thread: "Underwater" Mortgage debt

  1. #13

    Join Date
    Jun 2004
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    Boiled Peanut, Georgia, USA
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    76,393

    Default Re: "Underwater" Mortgage debt

    I own mine, and recommend it!



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  3. #14

    Join Date
    May 2008
    Location
    Utah
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    1,991

    Default Re: "Underwater" Mortgage debt

    Quote Originally Posted by nnuut View Post
    I own mine, and recommend it!
    I thought I owned a third of mine. Then its worth dropped by almost $200K and now I'm underwater. Good thing I'm not planning to sell!

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  5. #15

    Join Date
    Jun 2004
    Location
    Boiled Peanut, Georgia, USA
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    Default Re: "Underwater" Mortgage debt

    Quote Originally Posted by XL-entLady View Post
    I thought I owned a third of mine. Then its worth dropped by almost $200K and now I'm underwater. Good thing I'm not planning to sell!
    You got caught in the trap. Don't move refinance it and pay it off! Payed mine off in January and am not moving so I don't care what it's worth.:toung:



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  7. #16

    Join Date
    Mar 2006
    Location
    Peoples Republic of Ohio
    Posts
    2,373

    Default Re: "Underwater" Mortgage debt

    Quote Originally Posted by nnuut View Post
    I own mine, and recommend it!
    I'm with ya nnuut and I ain't moving. At least I have a roof over my head. I was underwater in the earlier 80's by 27%, wiped out my savings and learned a hard lesson.
    “Most men and women will grow up to love their servitude and will never dream of revolution.” - Huxley’s Brave New World

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  9. #17

    Default Re: "Underwater" Mortgage debt

    Your right, solvency is long road,but now you can refinance at 4.6 % - 30yrs, how much lower will it go?

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  11. #18

    Join Date
    May 2008
    Location
    Utah
    Posts
    1,991

    Default Re: "Underwater" Mortgage debt

    I'm working on it. Not much interest from most companies because I AM underwater. And we already have 5 7/8% interest. But we also have a credit score of 800 so we are working with current mortgage company to see if we can bring the interest rate down.

    Wish me luck!


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  13. #19

    Join Date
    Dec 2007
    Location
    inland Northwest
    Posts
    4,124

    Default Re: "Underwater" Mortgage debt

    Quote Originally Posted by XL-entLady View Post
    I'm working on it. Not much interest from most companies because I AM underwater. And we already have 5 7/8% interest. But we also have a credit score of 800 so we are working with current mortgage company to see if we can bring the interest rate down.

    Wish me luck!
    G'luck, Lady! I never refi'd back in the early 00's, mainly because I read it wasn't worth it til interest rates were 2% below what my current mortgage rate. But then it was finally worth it and I had too many other things on my plate to really focus on figuring it all out-so I didn't.

    But then I focused on paying down the principal and got out from under faster anyway-which process further reduced any lingering inclination to refi at a lower rate in the meantime.
    "life can only be understood backwards, but it must be lived forwards" - soren kierkegaard

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  15. #20

    Default Re: "Underwater" Mortgage debt

    We are currently going through a refinance. There are programs available if your mortgage is backed by Fannie or Freddie. If we are able to do this and our home appraises out, we will be able to save nearly $200/mth.
    They say to calculate if it is worth to refinance, take the amount of closing costs it takes to do the refinance, and divide it by the amount you will save with the new mortgage to come up with how long it will take you to break even....and to see if it is even worth doing.
    For example:
    Closing costs: 3,000 / 200( we would save)=15mths to break even, to start the savings.

    I think the unemployment needs to be fixed to cure the housing market, that and we all need to take responsibilty of our own bad decisions.

    CRWS---What are the odds that I would go on this site, after being a member for about 2wks and see a pic of a home by our MLS? I am a Realtor in SW Florida...It's a small world afterall.

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  17. #21

    Join Date
    May 2010
    Location
    Vancouver, USA
    Posts
    1,648

    Default Re: "Underwater" Mortgage debt

    Quote Originally Posted by tspfl View Post
    We are currently going through a refinance. There are programs available if your mortgage is backed by Fannie or Freddie. If we are able to do this and our home appraises out, we will be able to save nearly $200/mth.
    They say to calculate if it is worth to refinance, take the amount of closing costs it takes to do the refinance, and divide it by the amount you will save with the new mortgage to come up with how long it will take you to break even....and to see if it is even worth doing.
    For example:
    Closing costs: 3,000 / 200( we would save)=15mths to break even, to start the savings.

    I think the unemployment needs to be fixed to cure the housing market, that and we all need to take responsibilty of our own bad decisions.

    CRWS---What are the odds that I would go on this site, after being a member for about 2wks and see a pic of a home by our MLS? I am a Realtor in SW Florida...It's a small world afterall.
    Yea, that's for sure!
    Are you a union member, by chance?
    http://www.unionplus.org/consumer-te...y-home-savings
    Highly recommended in the Mortgage Dept.

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