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Search: "Market value"

 
 

Asked 02/10/2009 07:53 am CT (Clearwater, FL)

My mortgage balance is 260,000. Market value for my house is only 160,000 and is going down. I am two months behind on payments. I would like to keep my house but can't keep up with payments due to reduced income. Is it possible to reduce mortgage balance to current market value, because that would be only way for me to afford monthly payment? Thank You, DH!

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You need to contact your lender's loss mitigation dept to determine what options are available for y...

[ Total Answers: 1 ]

 
 

Asked 11/24/2008 02:08 pm CT (Sparks, NV)

I own a single family home with a mortgage balance of approx $175K on a 6.25% FHA 30-yr fixed. The home's market value has declined steadily and is now worth approx $140K. I am not behind on any payments yet, and my credit is excellent with a current FICO of 768. I'm expecting a 20% reduction in work hours - and thus a 20% reduction in income - effective 1/1/09. This loss of job hours will inevitably result in falling behind on the mortgage payments at their current level. Will I likely be more successful in approaching the mortgage company for a loan modification for 1) a substantially lower interest rate on the current balance (propose approx 3%); or 2) reducing the balance to the realistic market value; or 3) some other measure or combination of the above?

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Asked 07/12/2008 04:03 pm CT (Bradenton, FL)

Purchased home in 2006 for 320,000., current market value of home is maybe 250,000. We still owe 300,000. Not sure if we should stay and hope to make a profit in the next 5 years or walk away and let bank take home. Currently pay 2,400.00 a month for home

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Asked 11/09/2007 10:37 am CT (Sacramento, CA)

When buying a home that is in need of a few cosmetic repairs, is it possible to borrow more than the purchase price in order to make repairs if the house is being sold below market value? For example, the house is worth $100k, but is being sold for $90k. Can I borrow the $100k and use the extra $10k to remodel?

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David, I have access to an excellant loan program taht will take into account the future value of th...

[ Total Answers: 2 ]

 
 

Asked 10/01/2007 09:40 am CT (Nanaimo, British Columbia)

What is equity? What is the term used discribed the amount that has been paid off on the mortgage? I am having a co-habitation agreement drawn up and I am willing to pay back a possible 33% that has been paid on the mortgage, not including the increased market value. Thank you, Erin

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Asked 04/09/2007 11:45 am CT (Bethany, OK)

I live in a 2 and 1/2 year old home with 1,50,000.00 dollars mortgage remaining to pay off. Current market value of the home is around 2,50,000.00 for a 2600 square feet home. Our yearly gross income is 85,000.00 dollars. Our personal property value is about 75,000.00 and 401k value is 80,000.00. Our Credit history is excellent. We do not have to pay any other payments other than utility bills. Can I rent this home and buy another home? If I can, for how much we can qualify for? Or are there any other options available? AV

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You would need to speak with a lender in your area, but it sounds like you should have no problem qu...

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Asked 03/07/2007 10:58 pm CT (Orange, CA)

I heard if you bought a home on a mortgage at $500k and a year later the house market value is worth $400k. Can the bank (lender) make you pay a single pymt of $100k to make up for the loss in equity?

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Good question. I'd pour over your Note and Deed with a fine tooth comb. It should clearly state what...

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Asked 02/05/2007 02:17 pm CT (Chicago, IL)

I have two properties: 1) 5% ARM - will end in 2 years. Market value $400K, balance $212K 2) 5% fixed - will end in 13 years. Market value $550K, balance $125K. I want to buy a rental property @ $550K. What is the best way to use the equity I have with the two properties that I currently own to purchase the rental property?

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Hi Mr. Nguyen, Call me directly at 630-400-4661 right away! You do not need to touch your curren...

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Asked 10/10/2006 10:38 am CT (Philadelphia, PA)

I would like to buy a home for 80K. The market value is between 95K - 120K. I currently make 75k/year. My only problem is my less than 500 credit score. I will have 10% to put down. Are there any options for me?

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Lisa, I have seen stranger things happen depending on what makes up your 500 credit score and where ...

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Asked 07/06/2006 01:25 pm CT (Wilkes-Barre, PA)

My parents own their house, no liens. Fair market value over $150,000. They're both retired, both over the age of 65. They have grown accustomed to a certain lifestyle and are considering a REVERSE MORTGAGE. Should they go to the bank? Both have scores over 700. Both on a fixed income. Should they do the REVERSE MORTGAGE or get a home equity loan? They are not concerned about keeping the house or selling it, or leaving it to relatives. Any suggestions?

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Hello Mike. If your parents don't care about keeping or selling the home or having something to lea...

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