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Category: General
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Our house isn't worth what we paid in 2008! We paid $225000

Customer Question

our house isn't worth what we paid for it in 2008!
We paid $225000 then but now Zillow says it's only worth $132,000! Even a few months ago it was worth $179000. Can you tell me if there is any way we can get our mortgage down to or below $132000? We have paid out a lot of money already on this house and can't believe we are going to continue throwing money to the bank and we don't own a cent of our home.
My husband is 67-wants to retire, has a bad heart and can't retire because we have all this debt. Can you help us?
Submitted: 1 year ago.
Category: General
Expert:  MyVirtualCPA replied 1 year ago.

Thank you for your question. Unfortunately, there's no way to reduce your mortgage unless you contact the bank and ask for some forgiveness. They will not be inclined to do this unless you are broke, and they do not have equity in the house. You would have to stop making payments and this would destroy your credit the same amount as if you foreclosed. You could always just walk away and let them foreclose, but I don't advise that.

I'm truly sorry. Also -- Zillow isn't always right. The only way to know what your house is worth is to do an appraisal by a qualified real estate appraiser.

Please let me know if you need anything additional. If not, please rate positive.