Should I stop paying mortgage if my home's value is much less than I paid for it?

Question

But what can be done to bring the payments down? I hate to pay for something that has lost it's value?

Answer 1

Why would you care about that right now?

how long have you been living there? are you trying to move in 1 yr? or 20 yrs from now  cause if so (20yrs)

you really shouldnt care about how much it costs right now

because the value might go up and you might regret having ruined your credit just because you took a wrong deciscion

you dont have the same luxury ,one might say,

you have at your house than you have at an apartment.

so if you can afford it stick with it no matter what

cause believe me you will suffer if you rent ............

cause at least if you are paying for your house you know it will be yours one day and even if you don't get  as much as you paid for  it you'll have the opportunity to get some of the money you paid back

if you rent you'll just be making someone richer and will never see that money again.

bottom line DONT DO IT !!

also think about your credit ...

these days they won't even give you a couch without checking it lol.

Answer 2

i'm sorry, but this is a dumb post.  If the property had increased, would you being asking.

You made an agreement.  The value is down.  However, since you need a place to live, stay put and continue to pay.  It will increase again.

You can't just walk away.  The bank will require you to pay the difference AND the IRS will tax you on the difference.

Answer 3

no u will become homeless your choice

Answer 4

Actually the bank bought it by giving you the cash to buy the house.     You are simply repaying money you already spent.

Answer 5

So having the home foreclosed on and ruining your credit is a better option?

If you can afford the payments -- keep making them. Hopefully the market will stabilize and prices will come up some.

Answer 6

only if you want to foreclose and get kicked out.

Answer 7

That is dumb as long as you can afford the payments.

Answer 8

If you can afford to make the payments, you should keep making the payments.  The dip in the market is temporary, values will go back up.

If you stop making payments, it will affect your credit score for 7 years from the date of the foreclosure, which could be 6 months from now.  That is a long time to wait to get your score back up.  And by then, housing prices will be back up, so what have you gained?

If you like the house and can afford the payments then stay.

If you want a ton of h**l, then stop paying and get kicked out of your home.

If you can't afford the payments, but like the house, call the bank and talk to them about your problem.

Good luck.