When things get bad as they tend to do, I always feel like I am waiting for the "other shoe to fall". We are well aware that the housing market in our county is said to be the worst for our entire state. Our home mortgage company/bank has finally caught on and sent us this polite letter:
"Dear Mr. and Mrs. Homeowner:
During a recent review of your Equity Account, it was determined that the value of the property used to secure your equity account has declined significantly.... You may request another appraisal to be performed by us for a fee of $300... You are a valued customer and we appreciate you allowing us to be your mortgage lender..."
We refinanced our home in 2005 and got a small home equity loan to pay off some bills. We do not use the money available on it - which is a good thing since the bank informed us that as of now, we can not.
My husband and I were both actually relieved that they only "suspended the account privileges" at this point. We were worried that they would call in the loan or something like that!
It just really stinks that our home values have gone down that much! Everytime my husband even thinks about looking for a job elsewhere, we are reminded that there is not a snowball's chance in Hawaii that we could sell our house for the amount that we owe.
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Tuesday, August 12, 2008
Another Shoe Falls
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My Memories by Sheila is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License.
7 comments:
Oh how lovely! Since we both have the same lender, now I'm worried! We also have an equity amount available, and I've always thought "in-case-of-emergency" we could use it if needed. Wow, this is not good! Who'dve thunk 3-4 years ago that the housing market would make such a downward spiral! Sometimes I think owning a home is a 'money-pit', especially ours due to its age!
That sucks! The housing market has impacted a lot of people in the last few years. In the long run, however it will work out. Real Estate has always proven to be a resilient.
Hey, at least ya only have two shoes. Imagine if ya were an octopus, the trouble would just be startin'
That truly does suck. I live in oil boom country, so we haven't been affected as much . . . yet. It's nerve wracking to even think about where things might go next.
Boo :(. It is scary how all encompassing these economic problems are.
Scary scary. You know how a lot of mortgages have this 15 day grace period from the 1st of the month. Well we get the mortgage paid before the 15th and it's never been an issue for the last 3 years. Now the bank calls on the 3rd of every month if we haven't paid on the 1st. Oh how the times change.
Well that just sucks. Hopefully things will be on the upturn soon!
Hey, I'm an optimist, what can I say!
Oh my goodness, that's awful! The only letters we've been getting from the bank are notes that the interest rate on the ARM is rising. We get those letters much, much too often, too.
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