Are you "underwater"? Mortgage Poll

[thinkingdog]

NEW YORK (CNNMoney.com) -- More than 20% of the nation's mortgage borrowers owe more than their homes are worth.

At 21.5% for the third quarter, it is a small improvement over the previous quarter, when 23.3% of loans were underwater, according to real estate website Zillow.com.

"It is the paramount challenge facing housing markets," said Stan Humphries, Zillow's chief economist. "We already have had record levels of foreclosure and, combined with high unemployment, negative equity is very toxic to the market."

But don't cheer about the slight gains in the past three months. Most of the improvement comes because so many people lost their homes to foreclosure."

[Bozzie]

it's close here..... got a great deal and the comps in the hood are good but who knows

[ksturg]

Underwater on my rental house I have in Michigan. Should have sold it 4 years ago when I moved south, but decided to keep it as a rental. Man, if I had a crystal ball how I would have chose differently!

[smet9772]

I have equity but not much. I really wish I did a 15 year mortgage when I started out. Been in my house almost 7 years now and still haven't made much.

[pwherr]

If I sold my house today at fair market value after commisions, ect I would be ahead about 10k if I am lucky. Sucks because I have been here since 1982. I refi-ed in 03 for some cash out. Big mistake. Ameriquest bigger mistake. I am in a class action and am told I will get 7k out of it but I ain't holding my breath.

[Steel]

Been in my home for 17 years. Have equity in the home as I put a lot down when I bought it. Need to refi the home as my interest rate is 6%. They are giving money away with these new rates I am just unsure who to go with. Been with US bank forever. Any ideas greatly appreciated.

[Loonz]

Solid my house cashed out before crash renting and saving til gf is done school

[Wabash Wonders]

House will be paid off in about 5 years, then 2 years later...Retirement!!!

[Kramer]

Originally Posted by Steel

Been in my home for 17 years. Have equity in the home as I put a lot down when I bought it. Need to refi the home as my interest rate is 6%. They are giving money away with these new rates I am just unsure who to go with. Been with US bank forever. Any ideas greatly appreciated.

If you want ideas , what's your mortgage term?
25/30 years?
there's the start

then just google a mortgage calculator

if you have 8 to go or 13 yrs to go ,
plug in your monthly payments
see the dif between 8 vs 13 if you can afford it

now look at the interest you'll save
( i.e. refinance to a 10 yr if its 13 , or maybe
5 yr if its 8 )

[Steel]

Originally Posted by Kramer

If you want ideas , what's your mortgage term?
25/30 years?
there's the start

then just google a mortgage calculator

if you have 8 to go or 13 yrs to go ,
plug in your monthly payments
see the dif between 8 vs 13 if you can afford it

now look at the interest you'll save
( i.e. refinance to a 10 yr if its 13 , or maybe
5 yr if its 8 )

Have 14 years left but its my interest rate that is killing me. I have another 129,000 left to pay. The rate I am paying now is 6.25%. Do not want to take any money out and don't mind going another 30 years on the pay off. But looking at 15 does sound interesting. After the lowest fix rate I can get. Thanks for the help Kramer, leave it to 420 to get the job done.

[point given]

I'd trade with any of you...this is my business, building and development. I only have 3 homes remaining and two of them are in positive equity position, but I am in multiple partnerships with 80+ vacant lots that are around breakeven today and the carrying costs are adding up every single f*cking day

[dhunter]

luckily the timing worked out perfect for us. bought when the market bottomed out and got a low interest rate.

[Ron Mexico]

Two houses I have equity

The third rental I'm a bit upside down but my cousin is renting it, payin me more than the mortgage and he's not goin any where. Gonna that one out.

Tryin to sell the house that I'm in now so I can get the fuk outta here.

[Bozzie]

Originally Posted by Ron Mexico

Tryin to sell the house that I'm in now so I can get the fuk outta here.

Brentwood is a ghetto... get out while you can.

[dhunter]

Originally Posted by bozzie

Brentwood is a ghetto... get out while you can.

i'm assuming this is sarcasm. ronnie lives in east bay brentwood, not OJ brentwood