Calculate the recovery period for your underwater home mortgage

[dannwa]

Great article dated 10/24/09 from the Miami Herald on strategic defaulting or foreclosure on purpose.

Homeowners walking away from underwater mortgages - Real Estate News - MiamiHerald.com

It has a calculator that will figure the recovery period for the negative equity in your home to climb back to zero given an assumed real estate appreciation rate and other factors. Useful tool when considering that Chase Modification Offer.

[Serenity]

Thanks for posting this!

[Stuart C]

Yes, thanks, it looks interesting. If they don't doing more mods, then "Jingle Mail" may be a lot of what's in Chase's stocking.

"In the fourth quarter of last year, they accounted for an estimated 28 percent of all defaults in Miami-Dade and Broward counties"

Jingle mail = Putting your keys in an envelope and mailing it to your mortgage company instead of your payment.

[snapple candy]

"Strategic" Defaults....this is great. Thanks for posting. I thought it would be about 7-8 years for me to break even and that doesnt even and thats only on the amount owed and doesnt include the 75K I put down on the place. We should keep this claculator around for a while. it is very helpful.

[SwillerAlesbane]

Jingle Mail is a term that has passed for its use. Why in the WORLD would you send them the keys when you can live in the house for FREE until they come FORCE you out of the house. Many people have been offered CASH for those keys....you're not stuffing CASH to send to them, so why would you send the keys?

For possible strategic defaulters, not only do you need the calculator to figure out when you are going to break even, but you need to figure in the COSTS of selling in the crony capitalist real estate market. There is the 2-6% for the realturds, then all the money for the paper pushers (escrow, HOA fees, country fees, taxes....etc etc). So add even more time on it to "get your money back". Sorry, but I'm not throwing good money after bad.

I'm taking a lesson from Michael Jackson, I'm MOONWALKING away from my home, because Chase is bad, they're bad, you know it.

[aubie37]

Originally Posted by dannwa

Great article dated 10/24/09 from the Miami Herald on strategic defaulting or foreclosure on purpose.

Homeowners walking away from underwater mortgages - Real Estate News - MiamiHerald.com

It has a calculator that will figure the recovery period for the negative equity in your home to climb back to zero given an assumed real estate appreciation rate and other factors. Useful tool when considering that Chase Modification Offer.

Dannwa,

It will likely be about 6 years before I am even. I knew this going in and before attempting a modification with CitiMortgage. This is such a sad state we find ourselves in today in this country.

[ohhhdear]

Very nice tool!

I will bookmark this! Thank you!

According to this and my figures-- it will take 7-10 years to break even.

Sad!