Has mortgage crisis affected your personally?

Question

Have you or do you know somebody that has gone through foreclosure?

Answer 1

Not me personally, but I do have friends that have gotten pretty brutalized on ARM loans.   I bought at 117K in 2004 and my home value has stayed pretty steady at  180k over the last 6 months.

Answer 2

Nope, no problems so far.  My balance is still well below the FMV of my home as I bought 8 years ago.  I've taken a hit on FMV in the past 2 years, but still have over $50k in equity.  The 2 foreclosures in the neighborhood sold quickly and are now occupied again so we're in pretty good shape overall here (SW MO).

Answer 3

No,

This benifits me greatly.  I bought a house in 2005 for 100K I could sell it for about 105-110K today.  When you mortgage interest is less than rental value it the drop in prices does not matter.

Next year when my wife and I look to purchase a new home we will save about 20,000 dollars when we move up to the 180-220 price range.  (midwest prices.)

Answer 4

No. I don't have a mortgage as I own all my properties outright, This is a great time to BUY

Answer 5

Sure has - I have a mortgage that is $50,000 more then the current value of my home.  I am trying to sell to move into a bigger home (The Family is growing).  I cant even get someone to get close in making an offer.  I think my only out is a short-sell or foreclose.