Mortgage Forum

SuzieQ

Well my story is like most, I am upside down. I bought my house in 2005 for $329,000 I put 20% down and have 816 credit score. My house is now worth $182,000. I have very sick Dad, that I need to sell, so I can go and take care of him. I can not sell, I can not refinance, and I can not rent for the amount of my mortgage. I would be moving to a small town, so I would not be able to pay the left over portion of the mortgage. If I sold the house I would be left owing the bank an additional $85,000 not including Realtor fees and the amount that I put into the house after purchasing and my down payment of $67,000. Even if I could refinance why would I, it would not help my situation. I still could not resell my house and leave, maybe in 10 to 15 years which does not help me now. So I refinance and pay $5,000 to $10,000 to refinance at the 50% higher price than the one next door. I am so distraught and feel so traped that I have tried suicide 3 time. unfortunately not successful, the 3 time I was extremely close but not close enough. I have worked so hard for everything I have, which is now worth nothing. So not all people that are going to lose their home were irresponsible. The banks are big contributers to the falling prices, every time a new foreclosure come on the market, they mark it lower than the last. So if they are going to create the new price, they should write down the loan, as they reset the price. I can not wait 10 to 15 years for my house to hopeful be worth what I once payed. The banks state they do not want to write down loans, as if the price keeps falling they will be asked to write them down again. Well if they wrote them down they would not have the foreclosures. And as they are the ones killing the prices that would stop, which would then stabilize the market.