Tuesday, June 10, 2014

Review of house sale prices in my street::What Homes Sold for on My Street







Review of house sale prices in my street::What Homes Sold for on My Street








               Reader               Question:               I               purchased               my               home               eight               years               ago               expecting               some               appreciation               in               the               value               before               I               retire               within               the               next               year.

However,               now               my               home               is               worth               35-50               thousand               less               than               I               owe.

What               choices               do               I               have,               since               at               retirement               I               am               not               sure               if               I               will               any               longer               be               able               to               afford               a               mortgage               with               my               retirement               funds?

Is               there               a               respectable               way               out               of               this?

Larry.
               Monty's               Answer:               Hello               Larry.

Many               people               are               asking               this               question.

In               my               opinion,               there               may               be               multiple               choices               to               consider.

The               "respectable               way"               has               different               meanings               to               different               people               today.

Some               people               in               this               situation               have               no               choices;               they               lose               the               home               in               foreclosure,               they               declare               bankruptcy,               or               both.
               However,               there               are               many               people               who               have               means               to               choose               what               course               of               action               to               take.

What               will               drive               their               decisions               depends               on               a               variety               of               circumstances               and               attitudes.

State               and               Federal               laws,               their               overall               financial               position,               the               attitude               and               financial               strength               of               the               lender,               the               mortgage               document,               the               presence               of               a               private               mortgage               insurance               company               in               the               transaction               and               its               financial               strength               are               the               main               considerations.
               The               bankruptcy               and               foreclosure               route               may               be               an               unwise               decision               if               it               can               be               avoided.

What               I               have               observed               through               my               research               and               anecdotal               evidence               is               all               homeowners               have               unique               circumstances.

As               I               follow               this               saga               I               have               noticed               the               people               with               the               resources               to               make               choices               have               different               attitudes               and               convictions.

I               see               three               different               groups.

Here,               is               a               brief               description               of               each:
               Ride               it               out.

This               group               will               keep               the               property               and               continue               to               pay               the               mortgage,               if               they               have               a               mortgage,               as               long               as               the               property               fits               into               their               original               plan.

Most               of               the               people               in               this               group               believe               housing               prices               will               recover               over               time,               and               they               are               prepared               to               accept               responsibility               for               any               loss.

They               want               to               maintain               their               credit.

They               believe               by               having               made               the               buying               decision               on               the               property,               they               are               responsible               for               the               consequences.
               Negotiate               a               settlement.

This               group               wants               out               of               the               mortgage.

The               group               believes               the               lender,               because               they               played               a               role,               should               share               the               pain.

The               method               employed               to               facilitate               this               "out"               is               the               short               sale.

The               lender               participates               in               lieu               of               the               possibility               of               foreclosure               and               the               fear               of               Federal               backlash               if               they               do               not               participate               in               the               solution.
               Walk               away               from               the               house.

This               group               believes               the               primary               fault               lies               with               lenders,               Wall               Street,               regulators               and               Federal               government               policies.

They               simply               stop               paying               and               wait               for               the               lender               to               take               the               house               back.

In               some               states,               there               is               no               recourse               available               to               the               lender               as               the               home               is               the               sole               collateral.

Other               states               allow               the               lender               to               take               a               deficiency               judgment.

This               means               the               lender               has               the               right               to               collect               the               difference               between               the               mortgage               due               and               the               sale               price               at               foreclosure               from               the               defaulting               homeowner.
               Which               group               is               correct?

I               am               not               judge               or               jury               to               take               a               position.

Each               group               believes               their               actions               are               proper.

Every               player               in               this               debacle               has               culpability               with               where               we               are               today               in               the               housing               market.

There               are               no               winners.
               I               have               authored               several               articles               along               the               way               that               provide               more               detailed               information               to               consider               and               links               to               other               sources.

The               article               closest               to               yours,               is               "Our               home               is               underwater;               what               should               we               do?".

The               article               runs               through               the               gamut               of               solutions               that               homeowners               face.

It               will               be               helpful               for               you               to               learn               the               basics.
               This               real               estate               work               out               situation               is               constantly               evolving.

Learn               about               the               choices               and               consult               your               attorney               and/or               your               accountant               to               understand               your               options.

Then,               decide               for               yourself               what               is               respectable               and               act               on               that               decision.

Thanks               for               asking.

Let               me               know               if               I               can               answer               other               questions.

Good               luck               to               you,               Larry.
               Monty






Image of house sale prices in my street






house sale prices in my street
house sale prices in my street


house sale prices in my street Image 1


house sale prices in my street
house sale prices in my street


house sale prices in my street Image 2


house sale prices in my street
house sale prices in my street


house sale prices in my street Image 3


house sale prices in my street
house sale prices in my street


house sale prices in my street Image 4


house sale prices in my street
house sale prices in my street


house sale prices in my street Image 5


  • Related blog with house sale prices in my street








  • Related Video with house sale prices in my street







    house sale prices in my street Video 1








    house sale prices in my street Video 2








    house sale prices in my street Video 3




    house sale prices in my street





























    Labels: , , , , , , ,