Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Financing in Victorville : Real Estate Advice

  • All314
  • Local Info32
  • Home Buying93
  • Home Selling9
  • Market Conditions18

Activity 3
Tue Feb 26, 2013
Charles Lee answered:
Thu Aug 15, 2013
Dan Chase answered:
I figure it this way.
If you buy a house and the value goes down you walk away. The bank gets the loss.
If you buy a house and the value goes up then you sell the bank should then get any profit made from the sale. If it goes one way to be fair the sharing or value change should go both ways.

In this reality. Pay for the mortgage on the house you did everything you could to obtain. You asked for it. Now live with what you got after requesting the ability to obtain it.

The bank should NEVER be responsible for any gain or loss in equity you achieve. That would be unfair as they only gave the loan you asked. If we socialize losses, it would not be to long before we socialize profits also.
... more
0 votes 12 answers Share Flag
Mon Aug 17, 2015
James Foy answered:
First: BofA is notoriously hard to work with. A short refi is sometimes called a cramdown. If you can get one with BofA, please you could probably retire on the income you earn from writing a "how-to" book.
Second: Is your payment affordable? Can you rent the place and pay for a new place? You would likely need a letter of commitment from a renter, before you could get a new loan unless you salary is enough to make both payments. The banks seem to have circled the wagons and won't lend to you if it looks like you're walking away from another loan.

I'm not familiar with Affinity Fin'l. I do know a few professionals that I could recommend.

If you can afford your house, it will probably return to $120/sf in five to eight years. That's what replacement value is going to be.

Something to consider is how much you like your neighborhood and whether or not you would want to be there in an emergency.
... more
0 votes 28 answers Share Flag
Search Advice
Financing in Victorville Zip Codes