You should do the same thing you are doing with your car that has lost value since you bought it. Keep on going enjoying the ride. Do not sweat the cost, enjoy the product.

You made an honest commitment to buy and pay for the place. The value today is irrelevant, Your word is priceless, once it is broken it can not be repaired.

Keep making the payments that you can so easily afford and be glad you are not facing foreclosure and just enjoy life.

As a certified loan modification officer I can help you determine if you qualify for Obama's loan modificatiin program. I use the FDIC Net To Present Value, that lenders use with the qualification process. Feel free to contact me.

Andyman117, May Iask what answer are you looking for? Or is it that p[eople keep answering your question over and over meaning the same thing but in different forms of answers.

Do your self a favor. stay where you are, do not sell, just stay where you are. Now that you have a simple straight forward answer to the question, there is no reason do answer this again if asked.

If this home is your primary residence and you don't need to move, then staying in the home is best. If you need to relocate, check out the rental market to find how much you could rent it for. Other alternatives include short sale, deed in lieu etc... Always consult an attorney or CPA to get all of your options.

It depends upon your circumstances. First if you want to keep the home and just get payments down you may qualify with your current lender to recast the mortgage to a lessor amount, reduced interest or both.

If you need to sell your home, it is your primary residence and the financials fall within guidlines, a Short Sale may be the relief needed.

If your situation does not warrant Short Sale Relief and you still want to vacate the present home Rental would be an option. THen what are you thinking with regards to financing another home...

I have experience helping people with similiar situations, and would recommend a no cost, no obligation meeting to discuss in detail and provide the options available to meet your circumstances. It may take several years for the home to come up to the value of the mortgage and then it is competing with newer homes, so there is no simple answer. You must also consider the different tax consequences, if any.

Andy,
You're like tens of thousands of home owners in Florida. At least you don't have a home you purchased for $300,000 only to find out it's worth less than $100,000...and you can't afford the payments! As a real estate professional specializing in short sale, I speak to people like this every day.

You have no problems making payments, so consider your home just what it is...a home. You have to pay to live somewhere. If you're going to be there more than 7-8 years, I suggest you read "The Total Money Makeover" by Dave Ramsey and pay the home off. That way you don't have to worry about owing more than it's worth.

In the meantime, you can call your mortgage company and ask for a loan modification. This may lower your payments, interest rate, or both.

If you have any other questions please call me directly at 561-283-6497.

Rodney Forbes
Realtor/Broker
Forbes Realty of South Florida Inc
http://SouthFloridaRealEstateReport.com
561-337-4810
Rodney@ForbesRealtyOnline.com

Andy, I was going to add my 2 Cents in but being we have a Short Sale Specialist on Board and someone saying get a lawyer and speak to your accountant I don't know if I can add anything.
But, if you do not have aproblem making your monthly payment and you and your famliy have jiobs and are doing well, why do you think you should do anything?

I have no idea if people can read today but it seems you are not in trouble at all.
There is nothing to do at all. Keep Your Home, do not do anything at all. stay put unleass you want to upsize to a bigger home for the money they are going for right now.
To rent you ned to cover our mortgage,m taxes( that will go up because you can only Homestead one primary residence) and insurance.
Now here is an option, lets see what your home is worth right now, then put it up for sale( make sure every thing is perfect and fixed before you do,) and see who will buy it with a Lease Purchase ot you just be the Bank and hold Paper, with additional money in your pocket fo 5 years or so. Now you can buy a another home that is bigger and cheaper than it weas in the Hay Day. Oh by the way if you becoame a landlord you can depreciate the house every year.

Give me a call I would like tohear why you have this notion.

cell 480-2544

Andy,

Its a home, its cool in summer, warm in winter, kepts you dry

ITS NOT A INVESTMENT!!!!

So this Realtor says:

"SIT . . . .STAY!!!!"

I feel the next bump we get is INFLATION
which should go wild
and you will be paying your loan off with
cheaper dollars.

you might find you a local Realtor to get you a CMA to find your real current value

but in the short run - why take a hit - its a great area, its a home, not much snow comes your way
the kids come to visit
you can make the payments
Andy, looks like life is good - enjoy

john

Hi, Andyman

Generally speaking:

Florida Real Estate Prices are [probably] not going back up any time in the foreseeable future. Possibly not for many years to come. On the contrary, prices will most likely continue downward.

Many Sellers are opting to "cut their losses" by Selling now, before prices go even lower. (On the positive side, if you stay in Florida, you can probably find your next home at a good price).

Keep in mind that a Loan Modification or a Short Sale may adversely affect your Credit Rating. Also, unless the house is your principal residence, you may owe Federal Income Tax on any amount of money that was "forgiven".

Please see a Real Estate Attorney for Legal Advice, and see a Certified Public Accountant or a Tax Attorney for Tax and Financial Advice.

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Best wishes,
Fred Griffin
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Dear Seller,
It is unfortunate that you are upside down on the value of your property. If you can afford your payment and do not need to move for several years, then great. We are now having a foreclosure rate averaging 850 homes a month in Brevard County. Homes are still depreciating 11/2 % a month here. If you do need to or desire to move in the next few years then you need to sell now.
You may be a candidate for a short sale as you are upside down in your mortgage. Please call me as I am a certified short sale specialist.
Sherry Dejong Re/Max 2000 321 795-7549 sherrydj@earthlink.net