I saw this in the comments section of my story on the new housing bill. Real life in Sacramento. Big mortgage, upside down, $50,00 down payment long vanished.
CBuendia at 9:46 AM PST Friday, August 8, 2008 said:
CBuendia at 9:46 AM PST Friday, August 8, 2008 said:
just doggy paddling my way to the surface to keep afloat.
what incentive do I have to continue paying $3k/mo on my house when its worth $150k less than what I paid for 2 years ago. Its simpler for me to say screw it I could (a) buy a much cheaper house & reduce my monthly mortgage by half or (b) rent for almost 60% less of what I pay. I have not defaulted but boy the desire to say a big F-you to the bank & housing market is just too tempting. Do I really want to ride out the market another 10 years to even see a profit? And to be able to sell my house to at least re-coup the $50k I used for my down??? Tough decision for sure. But when I see homes selling for $200-$250k with twice the square footage & property size...the temptation gets greater every month I send in that mortgage check for sure. I'd hate to foreclose & kiss off my 750 credit score
@Nyx.CommentBody@