$100,000+ diff. between 2 year old appraisal & current v

[John Hassler]

Mike

If there was neglegence/incompetence on the part of the appraiser and/or lender then they should be dealt with. But, the reason to sue is to collect economic damages. If the lender gave you more money than your home was worth, where is your $$$ loss?

My advise to BobBush is to continue making your payment for another 28 years. If you're living in the home it really doesn't matter how much or how little it's worth at any given time.

John Hassler

 

[Mike Garrett RAA]

I agree.

 

[Ross (CO)]

John H., ....I see your point there. In a manner of speaking, and in the short term of time, BobBush is being held prisoner by the very home in which he is living. He gets the possible advantage of having been extended a loan beyond the true and realistic value possessed by the property at that time. Only if he attempts to sell in the near future and if his local market has not caught up to that value to perhaps a break-even point, then he may not get to breathe that proverbial sigh of relief. It would be prudent to invest that extra windfall in an instrument which has the safest long-term security for him. Would that be stocks, or bonds, or gold, or cash in the mattress, or more real property ? Any overall loss of values in his immediate market area would not be helpful in any way, at least for helping one sleep better at night. I guess holding out for 28 more years may be the best thing. Here's another twist, though. What if everyone could comfortably say that THIS house in which they live NOW was the LAST home they were ever going to buy. Everyone was "staying put" for the rest of their living years, where they are now, AND we all went out and got re-fi'd for more-than-fair-market-value and were able to have that extra cash for our personal use......oh well, forget it, we are too nomadic a society. We have to move, but maybe BobBush is staying put for a little while longer.

 

[Mike Garrett RAA]

I know we are in a drought and the loco weed is growing like mad.....but Ross, we all know what happened to the money. It went to pay off his credit cards!

Now, pass that stuff over to me so I can wax poetic like you! Just kidding of course, you know I would never smoke wacky weed.

 

[Ross (CO)]

While I may have lettuce, radish, carrots, spinach, squash, zuchini, 2 types of beets, 4 varieties of potatos (red-white-blue and gold), white sweet corn (yellow just does not do as well at our 6840' of elevation), peppers, 2 types of peas, 4 types of beans, 3 types of cucumbers, brussul sprouts, 8 different tomato varieties, tall sunflowers, crazy-shaped gourds, raspberries, strawberries and cherry trees.....I have no "weeds" on my "40 acres" ! Like my grandfather used to say when I was about 10 years old.....when you own land some day, just grow plenty of crops and give the harvest away to others. It will help to keep you off the streets, out of jail and out of the insane asylum...and then he'd smile and attempt to check to see that I got the subtle message. (He was right, as so many other words from our grandparents have proven over the years). It is one sure way to fend off lender pressure by going out to the garden as the sun sets and "get lost" for a while. We have to plan soon our Labor Day weekend harvest B-B-Q and return the favor for the other parties we have gone to at homes along our street from Christmas time to now. You want corn ?...pick your own. Kids want to see where potatos come from....dig into the soil and see what you find.