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Old 12-26-2008, 02:51 PM
2,839 posts, read 9,993,910 times
Reputation: 2944


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.
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