No. of Recommendations: 0
Not literally. I own a small condo in a relatively bad neighborhood I bought in April 2006 for $190,000. Its now worth $150,000 or less, and I owe $180,000 on it. The neighborhood was better during the real estate run up but now its pretty bad. I also expected to stay here a lot longer but I may get married in the next two years. I can't really sell it because I don't have 30,000 in cash to cover the difference. Should I stay (monthly expenses $1400... to rent a comparible property would be about $1200), or take an unsecured loan for the difference and just get out? I'm afraid prices won't recover (in hindsight, they shouldn't recover because they were ridiculous to begin with). The price could go down further and I might never be able to leave.
Print the post  

Announcements

Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement