Comments on: How to Shrink Your Home http://www.mint.com/blog/saving/how-to-shrink-your-home/ The blog of the free, simple personal finance solution. Track all your spending automatically, find the best deals, save more money. And save the world. Fri, 20 Nov 2009 20:48:42 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: John Hunter http://www.mint.com/blog/saving/how-to-shrink-your-home/comment-page-1/#comment-27957 John Hunter Tue, 09 Dec 2008 21:37:04 +0000 http://blog.mint.com/blog/?p=616#comment-27957 An interesting sidenote: <a href="http://investing.curiouscatblog.net/2008/01/16/the-ever-expanding-house/" rel="nofollow">Average square footage of single-family homes in the USA</a>: 1950 - 983; 1970 - 1,500; 1990 - 2,080; 2004 - 2,349. An interesting sidenote: Average square footage of single-family homes in the USA: 1950 – 983; 1970 – 1,500; 1990 – 2,080; 2004 – 2,349. ]]> By: Bev http://www.mint.com/blog/saving/how-to-shrink-your-home/comment-page-1/#comment-27885 Bev Tue, 02 Dec 2008 15:54:13 +0000 http://blog.mint.com/blog/?p=616#comment-27885 That is exactly what I thought when I saw that suggestion! You could, in California, end up owing your bank a substantial chunk of change. Then, you have the small house, but still paying off the big mortgage???? I would like to hear what the person who made the suggestion was smoking. Downsizing would only work if you bought your big house at least 10 years ago - and that caveat should have been part of the suggestion. That is exactly what I thought when I saw that suggestion!

You could, in California, end up owing your bank a substantial chunk of change. Then, you have the small house, but still paying off the big mortgage????

I would like to hear what the person who made the suggestion was smoking. Downsizing would only work if you bought your big house at least 10 years ago – and that caveat should have been part of the suggestion.

]]> By: Tamra http://www.mint.com/blog/saving/how-to-shrink-your-home/comment-page-1/#comment-27879 Tamra Tue, 02 Dec 2008 07:21:06 +0000 http://blog.mint.com/blog/?p=616#comment-27879 If you really want to get out from under it, contact your mortgage holder and see about a short sale. The lender will have to approve selling the home for less than the loan amt, but they will often to it as getting back some is better than letting it go into foreclosure, which is costly for them and you. Negotiate it so that your credit rating is not negatively affected (If they agree to the short sale you shouldn't be gigged). If you can sell it you will not have any equity for the next home, but you will be in a better position finacially for the future. Good luck. If you really want to get out from under it, contact your mortgage holder and see about a short sale. The lender will have to approve selling the home for less than the loan amt, but they will often to it as getting back some is better than letting it go into foreclosure, which is costly for them and you. Negotiate it so that your credit rating is not negatively affected (If they agree to the short sale you shouldn’t be gigged). If you can sell it you will not have any equity for the next home, but you will be in a better position finacially for the future. Good luck. ]]> By: Jerry http://www.mint.com/blog/saving/how-to-shrink-your-home/comment-page-1/#comment-27877 Jerry Mon, 01 Dec 2008 23:03:37 +0000 http://blog.mint.com/blog/?p=616#comment-27877 What if you owe more money on your home that it is currently worth? What if you owe more money on your home that it is currently worth? ]]>