What if any help is available for those of use who can afford our mortgages?

Asked by Steve, Haverhill, MA Fri Dec 5, 2008

I purchased a condo in the summer of 2007. I have a 30 yr. fixed mortgage which I can afford the payments on but I think I am so underwater now that I could never sell for near what I owe on it. I have spent a lot of time and money improving the place but it still needs more. Next spring each unit in the association will be paying 10k to fix the roof and deck and I feel at this point any money put into the place will be lost. I am also getting married and would be in a position to upgrade. Is there or will there be any help for those of us who bought something we could afford but just had poor timing. I feel as though I'm paying the price for buying responsibly, I could have easily gotten a bigger and nicer place in a better neighborhood that I couldn't afford and now be helped out for it. I'm trapped! At this point I would rather be renting than trapped in this condo.

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NonRealtor, , 23456
Fri Dec 5, 2008
Hi Steve,
Try to look on the bright side. You and your new bride can enjoy the condo for many years to come. You like the condo--that's why you bought it, right? Try not to look at the bigger, nicer houses that are cheaper than your condo. Good Luck
1 vote
Michael Giles, Agent, Beverly, MA
Fri Dec 5, 2008
Hi Steve,
The best advice I have for you at this point is to contact the Loss Mitigation Department of the bank that holds the mortgage. Despite what you think, most of these banks understand the situations surrounding this abrupt market shift. Find out if they have set up any programs for people in your situation. You may be surprised. Best of Luck!
0 votes
Steve, , Haverhill, MA
Fri Dec 5, 2008
The condo is fine but the neighboorhood isn't the greatest. I wouldn't want to raise a family there. Things are getting out of hand. I could care less about the nicer places at this point, I certainly didn't plan on staying at this place for the amount of time it will take for the market to recover to the point that I could break even or be able to afford the loss on selling it.
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