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RJMoran » Comments » FRE
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Three Problems with the Fannie / Freddie Mortgage Modifications [View article]
The last time prices fell 30% in Southern California, it took 10 yrs to get back to the 'top' or 'break even' point for the mortgage. In other words, IF you bought a $600K house that is NOW worth $400K, even if the government modifies your loan, you are essentially paying 'rent'. In the forward 10 yrs of paying your mortgage, you'll NEVER accumulate ANY equity and will only get you out @ your original $600K. You're essentially servicing a loan like a renter is paying a landlords mortgage! You are 'renting' your own house till the mortgage is paid OR you move and STILL have a balloon payment to pay off...WHY would anyone do this!? Walking away and getting into another situation where there is at least SOME upside Equity potential would be THE only answer for these people! Sorry...