Mira Mesa…

[an]

SD Transplant, 92126_Guy did say that if things get worse, he’ll need to foreclose/short sale because that’s when his loan reset. No one really know when we’ll start turning back up again. Only time will tell.

[Ren]

[quote=92126_guy]So my house was worth approx. 600k at the time and I bought in mid 500’s. [/quote]

Just an FYI, a property is generally worth what you pay for it, no more or less. You got it for mid-500’s, so that’s what it was worth at the time, regardless of agent claims and appraisals.

At a wild, fairly educated guess, I believe your place and comps will see the mid-to-high 200’s in the next few years, and several more years after that to recover SOME of what you paid. Don’t expect to see $500k again for a very long time.

[Ren]

[quote=92126_guy]So my house was worth approx. 600k at the time and I bought in mid 500’s. [/quote]

Just an FYI, a property is generally worth what you pay for it, no more or less. You got it for mid-500’s, so that’s what it was worth at the time, regardless of agent claims and appraisals.

At a wild, fairly educated guess, I believe your place and comps will see the mid-to-high 200’s in the next few years, and several more years after that to recover SOME of what you paid. Don’t expect to see $500k again for a very long time.

[Ren]

[quote=92126_guy]So my house was worth approx. 600k at the time and I bought in mid 500’s. [/quote]

Just an FYI, a property is generally worth what you pay for it, no more or less. You got it for mid-500’s, so that’s what it was worth at the time, regardless of agent claims and appraisals.

At a wild, fairly educated guess, I believe your place and comps will see the mid-to-high 200’s in the next few years, and several more years after that to recover SOME of what you paid. Don’t expect to see $500k again for a very long time.

[Ren]

[quote=92126_guy]So my house was worth approx. 600k at the time and I bought in mid 500’s. [/quote]

Just an FYI, a property is generally worth what you pay for it, no more or less. You got it for mid-500’s, so that’s what it was worth at the time, regardless of agent claims and appraisals.

At a wild, fairly educated guess, I believe your place and comps will see the mid-to-high 200’s in the next few years, and several more years after that to recover SOME of what you paid. Don’t expect to see $500k again for a very long time.

[Ren]

[quote=92126_guy]So my house was worth approx. 600k at the time and I bought in mid 500’s. [/quote]

Just an FYI, a property is generally worth what you pay for it, no more or less. You got it for mid-500’s, so that’s what it was worth at the time, regardless of agent claims and appraisals.

At a wild, fairly educated guess, I believe your place and comps will see the mid-to-high 200’s in the next few years, and several more years after that to recover SOME of what you paid. Don’t expect to see $500k again for a very long time.

[92027_guy]

Thanks for the input all, yeah my story is a standard one. Borrowed way too much, stated income, 0% down, interest only, first time buyer, etc etc. But if I didn’t get into the market in 06 I would be priced out soon, and I could always refi in 2 years right loan officer? Ha. I’m not passing the buck though, I accept responsibility as time goes on I’m slowly succumbing to the fact I will probably have to take the credit hit and leave, which is depressing.

My wife and I like our cul-de-sac house and our combined salaries have increased form 85k to 120k through hardwork so maybe the bank will give us a break in 2011. Although, I’ve already dealt with the “workout dept” and their first and second answer is NO. I guess the trick is to convince the bank it’s cheaper for me to stay in then get kicked out, I foresee many hours of hold music in my future.

Anyway, I guess only time will tell.

PS It’s funny the poster mentioned 400K max for my house, I remember thinking as I went through the process, this house really should only be worth what the guy I bought it off paid in 03 (about 380k). But then I promptly signed the papers. School of hard knocks I guess.

[92027_guy]

Thanks for the input all, yeah my story is a standard one. Borrowed way too much, stated income, 0% down, interest only, first time buyer, etc etc. But if I didn’t get into the market in 06 I would be priced out soon, and I could always refi in 2 years right loan officer? Ha. I’m not passing the buck though, I accept responsibility as time goes on I’m slowly succumbing to the fact I will probably have to take the credit hit and leave, which is depressing.

My wife and I like our cul-de-sac house and our combined salaries have increased form 85k to 120k through hardwork so maybe the bank will give us a break in 2011. Although, I’ve already dealt with the “workout dept” and their first and second answer is NO. I guess the trick is to convince the bank it’s cheaper for me to stay in then get kicked out, I foresee many hours of hold music in my future.

Anyway, I guess only time will tell.

PS It’s funny the poster mentioned 400K max for my house, I remember thinking as I went through the process, this house really should only be worth what the guy I bought it off paid in 03 (about 380k). But then I promptly signed the papers. School of hard knocks I guess.

[92027_guy]

Thanks for the input all, yeah my story is a standard one. Borrowed way too much, stated income, 0% down, interest only, first time buyer, etc etc. But if I didn’t get into the market in 06 I would be priced out soon, and I could always refi in 2 years right loan officer? Ha. I’m not passing the buck though, I accept responsibility as time goes on I’m slowly succumbing to the fact I will probably have to take the credit hit and leave, which is depressing.

My wife and I like our cul-de-sac house and our combined salaries have increased form 85k to 120k through hardwork so maybe the bank will give us a break in 2011. Although, I’ve already dealt with the “workout dept” and their first and second answer is NO. I guess the trick is to convince the bank it’s cheaper for me to stay in then get kicked out, I foresee many hours of hold music in my future.

Anyway, I guess only time will tell.

PS It’s funny the poster mentioned 400K max for my house, I remember thinking as I went through the process, this house really should only be worth what the guy I bought it off paid in 03 (about 380k). But then I promptly signed the papers. School of hard knocks I guess.

[92027_guy]

Thanks for the input all, yeah my story is a standard one. Borrowed way too much, stated income, 0% down, interest only, first time buyer, etc etc. But if I didn’t get into the market in 06 I would be priced out soon, and I could always refi in 2 years right loan officer? Ha. I’m not passing the buck though, I accept responsibility as time goes on I’m slowly succumbing to the fact I will probably have to take the credit hit and leave, which is depressing.

My wife and I like our cul-de-sac house and our combined salaries have increased form 85k to 120k through hardwork so maybe the bank will give us a break in 2011. Although, I’ve already dealt with the “workout dept” and their first and second answer is NO. I guess the trick is to convince the bank it’s cheaper for me to stay in then get kicked out, I foresee many hours of hold music in my future.

Anyway, I guess only time will tell.

PS It’s funny the poster mentioned 400K max for my house, I remember thinking as I went through the process, this house really should only be worth what the guy I bought it off paid in 03 (about 380k). But then I promptly signed the papers. School of hard knocks I guess.

[92027_guy]

Thanks for the input all, yeah my story is a standard one. Borrowed way too much, stated income, 0% down, interest only, first time buyer, etc etc. But if I didn’t get into the market in 06 I would be priced out soon, and I could always refi in 2 years right loan officer? Ha. I’m not passing the buck though, I accept responsibility as time goes on I’m slowly succumbing to the fact I will probably have to take the credit hit and leave, which is depressing.

My wife and I like our cul-de-sac house and our combined salaries have increased form 85k to 120k through hardwork so maybe the bank will give us a break in 2011. Although, I’ve already dealt with the “workout dept” and their first and second answer is NO. I guess the trick is to convince the bank it’s cheaper for me to stay in then get kicked out, I foresee many hours of hold music in my future.

Anyway, I guess only time will tell.

PS It’s funny the poster mentioned 400K max for my house, I remember thinking as I went through the process, this house really should only be worth what the guy I bought it off paid in 03 (about 380k). But then I promptly signed the papers. School of hard knocks I guess.

[nostradamus]

It’s a valuable lesson. Thanks for sharing. BTW I live not far from you, off Calle Cristobal west of Windy Ridge Way. It’s a nice neighborhood.

I would think it’s much better for the bank to have you stay in the home (at some reduced payment workout) than foreclose. Yet who knows what our government will do; my wager is they’re not going to bail you out. They’ll help the banks out though.

[nostradamus]

It’s a valuable lesson. Thanks for sharing. BTW I live not far from you, off Calle Cristobal west of Windy Ridge Way. It’s a nice neighborhood.

I would think it’s much better for the bank to have you stay in the home (at some reduced payment workout) than foreclose. Yet who knows what our government will do; my wager is they’re not going to bail you out. They’ll help the banks out though.

[nostradamus]

It’s a valuable lesson. Thanks for sharing. BTW I live not far from you, off Calle Cristobal west of Windy Ridge Way. It’s a nice neighborhood.

I would think it’s much better for the bank to have you stay in the home (at some reduced payment workout) than foreclose. Yet who knows what our government will do; my wager is they’re not going to bail you out. They’ll help the banks out though.

[nostradamus]

It’s a valuable lesson. Thanks for sharing. BTW I live not far from you, off Calle Cristobal west of Windy Ridge Way. It’s a nice neighborhood.

I would think it’s much better for the bank to have you stay in the home (at some reduced payment workout) than foreclose. Yet who knows what our government will do; my wager is they’re not going to bail you out. They’ll help the banks out though.

[Author]

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