Ken785
Master Don Juan
Can anybody whose an expert in real estate help me?
Ok heres my situation. My parents bought a new house in the middle of 2005 for approx $680,000. They dropped $180,000 as a down payment and are paying approximately 4k a month mortgage. Now they are struggling with bills and such and mortgage is tough to pay...and with the market the way it is now our house is no longer worth 680k its now worth about 400-450k, so as you can see it doesnt make sense to pay 680k on a house thats only work 400k now.
Hence the reason why everyone is foreclosing. Now my question is...my mom is going around telling everyone that she wants to foreclose on this house and rent for 2 years...then buy a house thats cheaper. Shes going around saying that shes going to lose that $180,000 she dropped on the house plus the payments.
I told her she didnt have to lose any money and to just refinance and take back all the equity...she thinks im ignorant and dont know anything or something because she totally ignored me like i didnt know anything about finances. I guess my parents are listening to my uncle...
i heard him yesterday saying to talk to a RE agent or something but i dont want them to get scammed by those sleazeballs neither, my uncle doesnt own a house so i dont think he would be the expert to listen to on Real Estate finances.
Can anyone help me? I dont want my family to lose over $200,000k over their lack of financial knowledge. Is it possible to get all the money back that we put in AND THEN foreclose? Please help brothers.
Ok heres my situation. My parents bought a new house in the middle of 2005 for approx $680,000. They dropped $180,000 as a down payment and are paying approximately 4k a month mortgage. Now they are struggling with bills and such and mortgage is tough to pay...and with the market the way it is now our house is no longer worth 680k its now worth about 400-450k, so as you can see it doesnt make sense to pay 680k on a house thats only work 400k now.
Hence the reason why everyone is foreclosing. Now my question is...my mom is going around telling everyone that she wants to foreclose on this house and rent for 2 years...then buy a house thats cheaper. Shes going around saying that shes going to lose that $180,000 she dropped on the house plus the payments.
I told her she didnt have to lose any money and to just refinance and take back all the equity...she thinks im ignorant and dont know anything or something because she totally ignored me like i didnt know anything about finances. I guess my parents are listening to my uncle...
i heard him yesterday saying to talk to a RE agent or something but i dont want them to get scammed by those sleazeballs neither, my uncle doesnt own a house so i dont think he would be the expert to listen to on Real Estate finances.
Can anyone help me? I dont want my family to lose over $200,000k over their lack of financial knowledge. Is it possible to get all the money back that we put in AND THEN foreclose? Please help brothers.