When did you buy your home and do you think it's gone up or down in value?

[Anonymous]

That's where I struggle. We're in the same, unfortunate, boat as the folks who are refinancing, but because we didn't overbuy, or commit to more house than we can afford, we're stuck paying ourselves out of this hole, losing $150k+, while others who made poor financial decisons have a way out. I recognize we took a risk in the housing market, and it didn't pay off, but it feels wrong that others who took the same risk - a bigger one really because they didnt have the $ to back it up - get off scott free

I agree to a certain extent - it certainly must be aggravating. The difference is that primary purpose of loan modifications were to prevent a (further) systemic breakdown in the housing market, not to benefit individuals. That's why it's an appropriate social policy (at least that's the argument, no matter how bad it tastes). If you were to receive a modification, it wouldn't be to aid in preventing a glut of foreclosures - it would be shifting the effects of your decision to buy to the mortgage company (and indirectly, the other mortgagees and shareholders of the company, and the taxpayers who are subsidizing the adjustment).

Look at it this way - we also didn't overbuy, or commit to more house than we can afford. But our house lost only about $10k in value, and we still have plenty of equity. Why are you more deserving of a handout that we are? If anything, you made a poor(er) financial decision - purchasing a house that lost $150k in value, but not you want a way out. We took the same risk and it feels wrong for you to reap a windfall. And what about someone whose house rose in value - why are either of us more deserving of a handout that she is?

I can see modifying loans to allow people to stay in homes (as long as they have some skin in the game, by which I mean made at least some sort of down payment) because that has a systemic benefit, but just to shift the cost of a bad decision to the company? Sorry, that's a bridge too far.

[Anonymous]

Bought in upper NW for 325 in 1995. Did some work on it. It's now worth around 1.2 million. Timing is everything, I guess.

[Anonymous]

Bought in 2000 in Bethesda and the value had a little more than doubled.

[Anonymous]

Bought in Chevy Chase MD in 2003 for a little less than $700K. Have put about $100K into it - new boiler, roof, finished basement, driveway, gut bath reno. I think I could get $850K but not too concerned since I'm only leaving this house feet first.

[Anonymous]

Anonymous wrote:Bought in Chevy Chase MD in 2003 for a little less than $700K. Have put about $100K into it - new boiler, roof, finished basement, driveway, gut bath reno. I think I could get $850K but not too concerned since I'm only leaving this house feet first.

ha, I feel the same way about my house.

[Anonymous]

22030 -- bought in 1999 for $250k received offers of $550k when were were trying to sell in 2010. Ended up not selling and are staying put.

[Anonymous]

Have lived in Laurel, MD for 19 years.

Good news: Bought 1st house in 1995 for $139K and sold in 2008 for $315K (and only owed about $45K on it when sold).

Bad news: We built our dream house here in 2006. We spent $719K in order to get all the features we wanted. We put $180K down. Now worth about $450K.

Good news: It's still our dream house. We intend to stay here for a while (we're having twins in September) so we don't care. At the rate I pay, we should have the mortgage paid off in 2024 (18 years total), then the value will be positive again. Plus, there is good construction/infrastructure going on nearby that will raise the property values again that is currently in progress.

[Anonymous]

N Arlington. Bought townhouse for $215K in 2000. Sold it 5 years later for low 500K. Bought single family home for 750K at the height of the market frenzy in 2005 using interest only loan (financed 95% of value) and sweated for a few years. Just refinanced into a 30-year fixed loan and house appraised for low 900s. Consider ourselves lucky

[Anonymous]

Bought a 1831 townhouse in Old Town for $45K in 1997 and sold it in June for $500K 2 apt. townhouse) - never had any upgrades, only new carpet in the apt. we lived in. We rented after we moved to the Ft. Hunt area. Bought a fixer upper in '06 for $430K and could get $575. We've probably put $75K in improvements and plan on having an addition. Bought the worst house in a great neigbhorhood but it's paid for.

[Anonymous]

Forgot to mention that the 1831 townhouse in Old Town was a foreclosure.

[Anonymous]

We bought ours in 1990's and our home has more than doubled in value. Our neighbor bought their house in 2006 and its current value is about 92% of its purchase price.

[Anonymous]

Anonymous wrote:We bought ours in 1990's and our home has more than doubled in value. Our neighbor bought their house in 2006 and its current value is about 92% of its purchase price.

Does that make you more pleased with yourself? Sure sounds like it!

[Anonymous]

We're in Burke, VA. Bought in 1999 for 130K and our home is now worth 342K.

[Anonymous]

Anonymous wrote:We're in Burke, VA. Bought in 1999 for 130K and our home is now worth 342K.

Yeah, but it's still in Burke.

[Anonymous]

2002 in Capitol Hill. No question. It went up and while it is no longer worth an absurd amount of money it is still worth more than we paid for it.