Should I stay or should I go?

[DJNinSD]

I bought it for $610k, it did continue up for another 10 months after that – a neighbor bought her’s (same floor plan) for $675k. When I say it is now down by $20k that is looking at the price on zillow.com as well as the price that a neighbor’s house is now selling for and it comparing to the price I paid, not the price it was at the peak.

You’ve given me really good information, thank you. Your item 7 though…what is a nonrecourse mortgage?

And, I really don’t want a new BMW! I am a fairly non-materialistic person — you’re right in that I was in that neighborhood for the good school.

thanks!

[EJ]

FB = F*@%ed Buyer

I believe it is mostly a pet name given to underwater home “owners” that so kindly referred to the bubble blog participants as JBR’s or jealous bitter renters.

You will be hard pressed to find any sympathy for your position on this blog. The whole idea behind Rich’s site is that when he started looking to buy, the data suggested homes were over priced. Discussions of data turned to them vs. us, i.e., FB’s vs JBR’s. Funny you don’t hear the endearing JBR term anymore. Unfortunately you represent everything that led to unsustainable price increases … $0 down, interest only, no feasible way to actually pay for your home without massive appreciation or lottery win.

Wrt your current position, from a purely financial aspect you should have left a long time ago. Looking at home price indices, price trends, ARM reset chart, foreclosure levels and trend … it doesn’t appear prices will rise again anytime soon. At best, they will level off (doubtful) and have no appreciation for an extended period of time. You have no skin in the game, stop paying now, get your finances in order and find a rental you like since you won’t get another mortgage for many years.

Don’t mean to sound harsh but try to be realistic about your situation.

[EJ]

FB = F*@%ed Buyer

I believe it is mostly a pet name given to underwater home “owners” that so kindly referred to the bubble blog participants as JBR’s or jealous bitter renters.

You will be hard pressed to find any sympathy for your position on this blog. The whole idea behind Rich’s site is that when he started looking to buy, the data suggested homes were over priced. Discussions of data turned to them vs. us, i.e., FB’s vs JBR’s. Funny you don’t hear the endearing JBR term anymore. Unfortunately you represent everything that led to unsustainable price increases … $0 down, interest only, no feasible way to actually pay for your home without massive appreciation or lottery win.

Wrt your current position, from a purely financial aspect you should have left a long time ago. Looking at home price indices, price trends, ARM reset chart, foreclosure levels and trend … it doesn’t appear prices will rise again anytime soon. At best, they will level off (doubtful) and have no appreciation for an extended period of time. You have no skin in the game, stop paying now, get your finances in order and find a rental you like since you won’t get another mortgage for many years.

Don’t mean to sound harsh but try to be realistic about your situation.

[EJ]

FB = F*@%ed Buyer

I believe it is mostly a pet name given to underwater home “owners” that so kindly referred to the bubble blog participants as JBR’s or jealous bitter renters.

You will be hard pressed to find any sympathy for your position on this blog. The whole idea behind Rich’s site is that when he started looking to buy, the data suggested homes were over priced. Discussions of data turned to them vs. us, i.e., FB’s vs JBR’s. Funny you don’t hear the endearing JBR term anymore. Unfortunately you represent everything that led to unsustainable price increases … $0 down, interest only, no feasible way to actually pay for your home without massive appreciation or lottery win.

Wrt your current position, from a purely financial aspect you should have left a long time ago. Looking at home price indices, price trends, ARM reset chart, foreclosure levels and trend … it doesn’t appear prices will rise again anytime soon. At best, they will level off (doubtful) and have no appreciation for an extended period of time. You have no skin in the game, stop paying now, get your finances in order and find a rental you like since you won’t get another mortgage for many years.

Don’t mean to sound harsh but try to be realistic about your situation.

[EJ]

FB = F*@%ed Buyer

I believe it is mostly a pet name given to underwater home “owners” that so kindly referred to the bubble blog participants as JBR’s or jealous bitter renters.

You will be hard pressed to find any sympathy for your position on this blog. The whole idea behind Rich’s site is that when he started looking to buy, the data suggested homes were over priced. Discussions of data turned to them vs. us, i.e., FB’s vs JBR’s. Funny you don’t hear the endearing JBR term anymore. Unfortunately you represent everything that led to unsustainable price increases … $0 down, interest only, no feasible way to actually pay for your home without massive appreciation or lottery win.

Wrt your current position, from a purely financial aspect you should have left a long time ago. Looking at home price indices, price trends, ARM reset chart, foreclosure levels and trend … it doesn’t appear prices will rise again anytime soon. At best, they will level off (doubtful) and have no appreciation for an extended period of time. You have no skin in the game, stop paying now, get your finances in order and find a rental you like since you won’t get another mortgage for many years.

Don’t mean to sound harsh but try to be realistic about your situation.

[EJ]

FB = F*@%ed Buyer

I believe it is mostly a pet name given to underwater home “owners” that so kindly referred to the bubble blog participants as JBR’s or jealous bitter renters.

You will be hard pressed to find any sympathy for your position on this blog. The whole idea behind Rich’s site is that when he started looking to buy, the data suggested homes were over priced. Discussions of data turned to them vs. us, i.e., FB’s vs JBR’s. Funny you don’t hear the endearing JBR term anymore. Unfortunately you represent everything that led to unsustainable price increases … $0 down, interest only, no feasible way to actually pay for your home without massive appreciation or lottery win.

Wrt your current position, from a purely financial aspect you should have left a long time ago. Looking at home price indices, price trends, ARM reset chart, foreclosure levels and trend … it doesn’t appear prices will rise again anytime soon. At best, they will level off (doubtful) and have no appreciation for an extended period of time. You have no skin in the game, stop paying now, get your finances in order and find a rental you like since you won’t get another mortgage for many years.

Don’t mean to sound harsh but try to be realistic about your situation.

[ltokuda]

“It would feel, to me, like stealing if I were to stop making the payments completely. I did enter into an agreement with the lender and I should continue to meet that agreement.”

DJNinSD, I think you’re looking at this the wrong way. You did enter into an agreement with the lender. Part of that agreement was that if you stopped making payments, they could take away your home. Remember, both you and your lender agreed to those terms. So if you stop making payments, walk out of your house, and give the keys to the lender, then you are fulfilling the terms of your agreement. Your lender thought those terms were fair when they gave you the loan. There’s no reason why those terms aren’t fair now.

Realistically, given your mortgage to income ratio, you should have never bought that house … and the lender never should have given you that loan. It was a bad business deal for both of you. But that’s in the past. Learn from it and move on. You are where you are now and you have to make the best of the situation.

Your number one priority should be your family. When it comes down to it, no one else is going to look out for them except for you. You should definitely do what’s best for your family.

At this point there is no realistic way that you’ll ever be able to pay off your house. You can either default now or keep making payments until you default later. My advice would be to walk out now and use the money you save to take care of your family. This solution is both fair to the lender and in the best interest of your family.

[ltokuda]

“It would feel, to me, like stealing if I were to stop making the payments completely. I did enter into an agreement with the lender and I should continue to meet that agreement.”

DJNinSD, I think you’re looking at this the wrong way. You did enter into an agreement with the lender. Part of that agreement was that if you stopped making payments, they could take away your home. Remember, both you and your lender agreed to those terms. So if you stop making payments, walk out of your house, and give the keys to the lender, then you are fulfilling the terms of your agreement. Your lender thought those terms were fair when they gave you the loan. There’s no reason why those terms aren’t fair now.

Realistically, given your mortgage to income ratio, you should have never bought that house … and the lender never should have given you that loan. It was a bad business deal for both of you. But that’s in the past. Learn from it and move on. You are where you are now and you have to make the best of the situation.

Your number one priority should be your family. When it comes down to it, no one else is going to look out for them except for you. You should definitely do what’s best for your family.

At this point there is no realistic way that you’ll ever be able to pay off your house. You can either default now or keep making payments until you default later. My advice would be to walk out now and use the money you save to take care of your family. This solution is both fair to the lender and in the best interest of your family.

[ltokuda]

“It would feel, to me, like stealing if I were to stop making the payments completely. I did enter into an agreement with the lender and I should continue to meet that agreement.”

DJNinSD, I think you’re looking at this the wrong way. You did enter into an agreement with the lender. Part of that agreement was that if you stopped making payments, they could take away your home. Remember, both you and your lender agreed to those terms. So if you stop making payments, walk out of your house, and give the keys to the lender, then you are fulfilling the terms of your agreement. Your lender thought those terms were fair when they gave you the loan. There’s no reason why those terms aren’t fair now.

Realistically, given your mortgage to income ratio, you should have never bought that house … and the lender never should have given you that loan. It was a bad business deal for both of you. But that’s in the past. Learn from it and move on. You are where you are now and you have to make the best of the situation.

Your number one priority should be your family. When it comes down to it, no one else is going to look out for them except for you. You should definitely do what’s best for your family.

At this point there is no realistic way that you’ll ever be able to pay off your house. You can either default now or keep making payments until you default later. My advice would be to walk out now and use the money you save to take care of your family. This solution is both fair to the lender and in the best interest of your family.

[ltokuda]

“It would feel, to me, like stealing if I were to stop making the payments completely. I did enter into an agreement with the lender and I should continue to meet that agreement.”

DJNinSD, I think you’re looking at this the wrong way. You did enter into an agreement with the lender. Part of that agreement was that if you stopped making payments, they could take away your home. Remember, both you and your lender agreed to those terms. So if you stop making payments, walk out of your house, and give the keys to the lender, then you are fulfilling the terms of your agreement. Your lender thought those terms were fair when they gave you the loan. There’s no reason why those terms aren’t fair now.

Realistically, given your mortgage to income ratio, you should have never bought that house … and the lender never should have given you that loan. It was a bad business deal for both of you. But that’s in the past. Learn from it and move on. You are where you are now and you have to make the best of the situation.

Your number one priority should be your family. When it comes down to it, no one else is going to look out for them except for you. You should definitely do what’s best for your family.

At this point there is no realistic way that you’ll ever be able to pay off your house. You can either default now or keep making payments until you default later. My advice would be to walk out now and use the money you save to take care of your family. This solution is both fair to the lender and in the best interest of your family.

[ltokuda]

“It would feel, to me, like stealing if I were to stop making the payments completely. I did enter into an agreement with the lender and I should continue to meet that agreement.”

DJNinSD, I think you’re looking at this the wrong way. You did enter into an agreement with the lender. Part of that agreement was that if you stopped making payments, they could take away your home. Remember, both you and your lender agreed to those terms. So if you stop making payments, walk out of your house, and give the keys to the lender, then you are fulfilling the terms of your agreement. Your lender thought those terms were fair when they gave you the loan. There’s no reason why those terms aren’t fair now.

Realistically, given your mortgage to income ratio, you should have never bought that house … and the lender never should have given you that loan. It was a bad business deal for both of you. But that’s in the past. Learn from it and move on. You are where you are now and you have to make the best of the situation.

Your number one priority should be your family. When it comes down to it, no one else is going to look out for them except for you. You should definitely do what’s best for your family.

At this point there is no realistic way that you’ll ever be able to pay off your house. You can either default now or keep making payments until you default later. My advice would be to walk out now and use the money you save to take care of your family. This solution is both fair to the lender and in the best interest of your family.

[DJNinSD]

Thanks for the explanation on FB, EJ. No, you’re not sounding harsh. I posted my question here because I did need some feedback from people that are, obviously, wiser than me. And ltokuda, I appreciate you’re comments too. If the jealous renters could only see how torn up I am about this, they seem to think that I’m taking this lightly.

[DJNinSD]

Thanks for the explanation on FB, EJ. No, you’re not sounding harsh. I posted my question here because I did need some feedback from people that are, obviously, wiser than me. And ltokuda, I appreciate you’re comments too. If the jealous renters could only see how torn up I am about this, they seem to think that I’m taking this lightly.

[DJNinSD]

Thanks for the explanation on FB, EJ. No, you’re not sounding harsh. I posted my question here because I did need some feedback from people that are, obviously, wiser than me. And ltokuda, I appreciate you’re comments too. If the jealous renters could only see how torn up I am about this, they seem to think that I’m taking this lightly.

[DJNinSD]

Thanks for the explanation on FB, EJ. No, you’re not sounding harsh. I posted my question here because I did need some feedback from people that are, obviously, wiser than me. And ltokuda, I appreciate you’re comments too. If the jealous renters could only see how torn up I am about this, they seem to think that I’m taking this lightly.

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