Are you underwater on your mortgage?

[Deleted]

Is your house worth less than what you owe on it?

money.cnn.com/2012/08/23/real_estate/underwater-mortgage-borrowers/index.html?iid=HP_River
Are you under 40?

[Deleted]

According to Zillow we are but I trust that not so much. It's hard to get direct comps for our place but I say we're just about even.

[puppyluv]

No. According to our refi last month we have 22% equity but the appraised amount dropped $5k from the amount it was at when we purchased in 2009.

[Deleted]

Nope...we've never been & owned 3 houses since 2003 (bought 2003, 2006 & 2010). We are up $50k from purchase price on house #2 we rent out & $50k on house #3 according to appraisals. According to Zillow we are up $100k on #2 & $180k on house #3--Clearly Zillow is off--lol. My parents are on 1, possibly 2 houses in Las Vegas & they are old. My 2 brothers are not underwater on their houses in Vegas but my one may be on the condo he still owns there.

[rubytue]

Two houses, both are about even (+/- 5%) with the mortgage balance. But one bc we just bought a year ago, the other bc we put 20% down on it.

[Susie]

According to Zillow, we're within $1k of "break even." So whether we're a little over or a little under depends on the questionable accuracy of zillow. It's in the right ballpark at least.

[Deleted]

An identical unit in our community just sold for $60K less than we paid. :-( $47K less than we owe.

[beachdweller]

Aug 23, 2012 13:34:50 GMT -5 @redbellpeppers said:

An identical unit in our community just sold for $60K less than we paid. $47K less than we owe.

I hear you. Ours is worth 54k less than we owe per zillow. That makes me sick! And we put a big chunk down or maybe :drink: :drink: :beer: :beer:

[starlily]

Yes, by about 175k based on recent sales of similar units within the complex.

Do I win a prize for most underwater?

[monpetitchou]

We own 2 homes. It's hard to say exactly how far underwater we are, but I'd estimate we are 50-70k underwater on one (and that's with 20% down), and we are about 100-120k underwater on the other. It's ugly.

[chessie]

Sigh, we are. Like tune of 75k. Its a money pit at this point, that we keep putting money into so we can continue to live here.

[kadams767]

No. We bought last year and put 20% down, just completed a refinance with a new appraisal and are currently at 71% LTV.

[sunflower22]

Yep. About $30,000. And we hate living there. Whee!!!

[minniebee]

I don't think any of the "according to Zillow" claims are all too accurate.

According to Zillow, we're about even on our rental condo that I bought pre-marriage in 2006. We're not, we're underwater by a lot, which is why it's a rental and we haven't sold it. In reality, it's worth about $50K and we owe about $100K. Zillow says it's worth $103K. No way. Not even close. Units just like ours are on the market at $55K and not selling. Zillow's "zestimates" are not very accurate.

We're about even on our house, which we have on the market right now because we're relocating. If we sold for the list price, we'd break even. It will probably sell for a little less, but luckily H's new employer will cover any loss we take on the sale, so we won't need to go to closing with cash.

[satama]

We are underwater, but we didnt put any money down when we bought. If we did put a downpayment of 10-20% we could probably break even when we sold. Obviously we would be out our down payment in that case, but as it is now we would have to bring money to the table to sell.

[anna7602]

Our co-op board has really strict equity rules. We recently refinanced and if the appraisal had come in under a certain number, we would have had to put some cash on the table, per co-op bylaws. So, no, not underwater and I am absolutely certain of that.

[dragonfly08]

We own our primary residence, and three investment properties. We're not underwater on any...one is paid off, two could be sold for more than the purchase price, and the last one might not sell for what we paid, but we put down enough and have since built up enough equity that we would sell it for more than the current mortgage amount so any "loss" would be on paper and not require money to the table.

[Deleted]

Aug 23, 2012 13:29:05 GMT -5 @msstarry said:

Also I look forward to someone coming into this thread and claiming that they bought a house 3 months ago that has already gone up 100k in value without any large improvements

My parents sold their house in December for $365k. It sold again last week, and CLOSED at $420k. For serious, I threw up.

[twodogsandababy]

We are very much underwater on our rental property. Which is why it is a rental property and we still own it. Our house is worth more than we owe and we hope to keep it that way!

[Deleted]

We would "lose money" on the total investment, but we're not underwater.

Bought in 2009 for $275k. Downpayment of $20k. Currently owe $245k. House down the street closed last week for $249k. I clicked the "under $10k underwater" option, since we'd probably have to pay about $10k out of pocket for closing costs, realtors fees, etc.

[jenni232323]

We are by $55,000 according to our refi appraisal computer number. We're running through HARP, love our home but just bought at the wrong time (2006).

[LoveTrains]

I am underwater on my rental property.

We are hoping to buy a short sale very soon, and I hope to NOT be underwater on that house, but we are only putting 5% down so I suppose it is a very real possibility that we could end up underwater on that, too.

[MixedBerryJam]

The two best things about getting old are menopause and owning my house outright.

When I start feeling all old because you post things that remind me you're all 28 and I haven't been 28 for 28 years, I remind myself that I haven't had a period in at least five years, or a mortgage payment in even longer than that!

[Deleted]

Our house is worth about 10% less than we paid in 2007. Luckily we put down almost 50% so we are not close to being underwater.

[giantsgirl]

We do watch the houses that sell in our area closely and what they sell for, but, so few are comparable to ours that it is tough for us to guess. But, based on the fact that a house with the same floorplan as ours sold for 5K over what we owe on ours, we may be safe. But, that was close to a year ago. There haven't been any other comparable sales that we have seen since. I just keep my fingers crossed that my company doesn't look to move me anytime soon, while they will pay for the move, they won't cover our loss.

[Melissa W.]

According to zillow I am underwater by $102K.

The total drop in value is $131K.

[thedash]

No we're not but our rate could probably be better (5.25%). This post inspired me to finally call the mortgage guy and get started looking into a refi.

[dexteroni]

According to Zillow right now, we're $2k under. But recently we've been as high as $4k over and as low as $4k under. So I would say we hover around the break-even point.

[froggy76]

SS - I don't think I am anymore, but that is only because I've paid down the mortgage about $35k over the last few months.

[zarapipe]

Break even point, based on our appraisal during our refi last year and comps. We bought our house 3 years ago, but only put about 5% down