Dont Lose Your Home Over It!

Do you know what it really takes to properly insure the title to your property?

'I am not ashamed of losing my home. But people's judgemental attitudes make it harder'

Your closing costs might include two types of title insurance policies, but do you know how these policies differ? Your title insurance policy protects you against potential defects such as: And many more Let First American help you avoid title problems. Related Information The Title Search Process Do you know what it really takes to properly insure the title to your property? Types of Title Insurance Policies Your closing costs might include two types of title insurance policies, but do you know how these policies differ?

Will You Be Protected? I felt like I was getting a good deal at the time, but two and a half years later, I have my doubts. There are houses for sale close to my neighborhood that were for sale when I bought mine nearly three years ago. And as for the time value of your down payment, given the way the stock market acted along with the real estate market until recently, you could very well be just breaking even now on an investment started 5 years ago. I had the same thoughts regarding the investments — that I might have just broken even in the long run.

The only way I could really determine that is to go back and look at my portfolio average from the investments I had at the time, and extrapolate based on those numbers. We have neighbors going through something similar, just got married and bought a house about a year ago, are already getting divorced, and will likely need to take big loss.

How Much Can You Afford To Pay to Get Out of Debt?

Good luck going forward. Great tip to help people gain equity and avoid being upside down. That money could have grown elsewhere? We still received a guaranteed return on investment, and paying down the principal more quickly still reduced the amount of interest we paid on a monthly basis. A traditional mortgage is an amortized loan so your extra payment attacked the back end so you would have rid yourself of the last interest payment moving forward in time.

And to make sure the bank is doing what you expect. Our mortgage lender applied our additional payments toward our principal when we requested it. So in our situation, the additional payments saved us money. Sorry to hear you took such a hit, but at least you were mentally and financially prepared for it. I bought my house at the height of the bubble in June How was I to know? You just have to learn to adapt, move on and reach for the next goal I suppose. Thanks for the good post and the great blog.

I would have multiple brokers tell me what is the so called market price. The more professional advice I could get, the better off I might be. If it is priced right, it should sell quickly! The next step is to stage the house, not professionally, but get rid of the clutter, extra furniture to make rooms look larger, and maybe paint when necessary. De-cluttering was one of the big things my wife and I did — we took several van loads of boxes to Goodwill, sold items on Craigslist, etc. We made some money, got some tax write offs, and made our home more presentable.

I recommend it to anyone selling their home! Selling in this market can me hard. One option might have been able to lease out your home for a few years till the market comes around. There are a lot of people that still have good jobs and need a place to live. And the number of people like that is increasing as this crisis continues.

So doing a lease to own and you are their bank or just renting as long as the payments meet you mortgage payment and say plus insurance might make it work. When I bought my last home I looked at what if I want to move in a year.

Can I rent this in this market to meet all my costs and still profit? It did so I bought it. When the market turns around in a few years I might make a buck or too. Your post should be required reading for people here in Canada. The housing market in the big cities here is like what the USA was like in the summer of Did you fully account for all transaction costs?

Jeremy, I did not calculate how much went to interest vs. Additionally, I would need to account for the mortgage tax deduction since we itemize or taxes, then determine which tax brackets we were in during each of the years we owned the home to determine how much the tax deduction was worth.

Other maintenance costs were minimal during the time we lived there — our house was fairly new, and we basically only spent money on things such as light bulbs, filters, etc.

Thoughts on Losing $50,000 on Our House – And How it Could Have Been Worse

Other transaction costs, such as closing costs, real estate agent fees, etc. Would we have been better off renting? But to what end?

I think it would be an hour or two of number crunching to come up with a number that has no actionable purpose. Now, the cost for the home? So even assuming an insane mortage that was half the price of rent…. Good back of the envelope analysis, Fred.

5 ways you could lose your home besides not paying your bond - Finance, Advice

We had a 15 year mortgage, and we made extra payments when possible, so we were paying quite a bit more on principal each month by the time we sold our house. We are actually buying another house, but we intend to live here for at least the next years. Then again, you never know what will happen! We purchased two years ago recently married and very eager to buy a house… , but unfortunately, we bought small thinking that the market had gone as low as it was going to go and that we would just get out in five years when it was time for an upgrade.

Do you have any advice about selling in the Dayton market? Did you make any back in the way of taxes? Mike, unfortunately, you cannot claim a capital loss on the sale of a personal residence. The IRS requires you to report a capital gain when you sell a home, but they do not track or give credit for a capital loss on the sale of a personal residence.

There are options that work if you are able to pay your debts in full. Then, there are the options for when you cannot repay your debts completely. For some people, the right choice is to utilize the accumulated equity in their house to consolidate other debts into a more manageable monthly payment.

This could take the form of a secured line of credit, a second mortgage , or even a new mortgage with a brand new amortization period.

Thoughts on Losing Money on Our House

This is a conversation you have with your bank or mortgage lender. This option works if you have sufficient equity in your home to take care of all your outstanding unsecured debts. In addition to being able to offer your home as collateral, you will also need a reasonably good credit history. If your mortgage and other debts are in arrears, you may not qualify for this type of debt consolidation loan.

A credit counselling agency may be able to help you with a Debt Management Plan. Your credit counsellor will work with you and your creditor to develop a debt repayment plan for your debts. The amount of equity in your home does not have a direct impact on the amount to be repaid. In a DMP, the full principal amount of the debt must be repaid, but you may be able to negotiate a reduced interest rate. If you fail to make the payments, your trustee is forced to sell your house to realize on the equity for your creditors.