I checked, and they list our house at $253,000 currently. What I am worried about is when we do want to sell our house. We didn't have any plans to draw further on the HELOC, or take any equity our of house at all, so that part doesn't affect us directly. I don't know exactly how they calculate the houses' value or how much of the value they will lend up to, so it's difficult to say if our house's value has dropped so much that we are now upside down on our mortgage. The letter from our second mortgage stated that we couldn't further draw on our HELOC because our house's value had dropped so much. Of course, what something is worth only counts if you're selling it. It was appraised 2 weeks after we closed for $305,000. When we bought our house in 2005, we paid $280,000 (Remember, this is Massachusetts).
Unfortunately, townhouses and condos are usually the first to drop when the housing market takes a hit. Fortunately, we have an end unit, so we only share one wall and have direct access to the garage, which adds to the value of our home. That is, the building our house is in also holds two other townhouses. Arguably not the best method of buying a house, but that's an entirely different post.Īlthough I call it a house, where we live is technically a townhouse. The second mortgage is technically an interest only HELOC. I received a letter in the mail the other day from the lender of our second mortgage.
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