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re: Nearly a Million Americans Fear Losing Their Home to Foreclosure in the next two months
Posted on 10/20/22 at 9:09 am to Jack Daniel
Posted on 10/20/22 at 9:09 am to Jack Daniel
quote:
There were idiots on this board paying ABOVE appraisal last year for a house
While it was stupid financially, the housing market isn't the cause of someone ending up in foreclosure. If you could afford the payment when the value of the house was high, you can still afford it now, provided you have the same job. You ight be upside down and will end up paying more than the house is worth, but a bank can't forclose if you're making your payment. People aren't ending up in foreclosure because the value of their house went down.
2
Posted on 10/20/22 at 9:11 am to Steadyhands
quote:
You ight be upside down and will end up paying more than the house is worth, but a bank can't forclose if you're making your payment. People aren't ending up in foreclosure because the value of their house went down.
And if you're planning on owning the house for 20-30 years, you end up coming out ahead regardless (especially with inflation)
Posted on 10/20/22 at 10:27 am to Steadyhands
Yes but resorting to foreclosure means you can’t make the payment and can’t sell it for what you owe. Hence the stupid financial decision
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