Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-26-2008, 02:51 PM
 
2,839 posts, read 9,993,910 times
Reputation: 2944

Advertisements

Quote:
Originally Posted by evilnewbie View Post
Who said walk away? I suggest downsizing and selling your home if you can't afford it... I suppose someone with a BMW car payment ought to keep it cause they need a car instead of selling it and buying a more affordable one... I am not insensitive... I am realistic and I am sorry if you rather they live in the clouds instead here on earth... you do what you need to do to survive and rebuild... not condemn yourself and your family to homelessness... I rather they live in a cramp apartment and rebuild than living on the streets after losing everything by trying to keep something they can't afford...
The problem right now is that many houses are worth much less than they were originally bought for. Even if they're not, they can sit on the market for a year or two. This is why many people are losing houses to foreclosure.

Last winter, my husband lost his job. We had about three months' salary worth of savings accumulated, so at first he just looked for another job. And he didn't get one. So he started applying for jobs out of state, and got one. Great! We tried to put the house on the market, and lo and behold, it was worth $100,000 less than we OWED. (And we had bought modestly and had a traditional mortgage.) We moved up north for him to start his new job, but could not afford to pay rent (yes, we're now renting) AND the mortgage, so we became delinquent. Now we're looking at a short sale, because we want to avoid foreclosure but can't possibly sell the house for what we owe.

It's not just as simple as "selling the house and moving" in many cases.
Reply With Quote Quick reply to this message

Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top