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If you're underwater by 75k, best to just stop the checks & ride it out. You can easily squat 6-10 months these days, and create a nice little nest of cash to purchase down the road in a location more suitable to your liking. Take it from me, it feels good to stick it to the bank! I highly recommend you follow the squatters way, it will provide you with powerful advantages down the road.
You've paid your dues. Time to take what's yours (not ask), from the very same banks who are screwing you over.
When you buy a car are you not immediately underwater ?
Not if you buy it with cash.
Even if financing, buying a car 100% with a loan is nuts.
Quote:
Originally Posted by Rakin
Do you not make the payments if any way possible ?
What's the difference ?
Magnitude.
Even if finanancing for 4-5 years ( also nuts ), it will be over
soon and your payments should be less than $400/month.
If higher ==> nuts
If you are down $200k and the bank won't work with you - walk.
Save money till you are kicked out and use the money to pre-pay
rent somewhere. It doesn't matter how bad your credit is, if you
have six months prepaid rent, you'll be able to get a nice place.
If you can't scrape that together while not paying the bank, you need to live somewhere crappy and learn to live within
your means.
Quote:
Originally Posted by zz4guy
Wow, so in other words, buy a tent and a bicycle,
cuz you aint gettin a car loan either!
That sounds like a good thing to me.
Americans, in general, buy too much on credit.
It is the root of our current economic problems.
When you buy a car are you not immediately underwater ? Do you not make the payments if any way possible ?
What's the difference ?
There's a big difference between maybe 4000 dollars on a car than a home that is 75K underwater. The interest is calculcated differently on a mortgage than a car also. A car may cost you a few hundred dollars in interest, the home is 75K times 2.
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