I'm not knowledgeable enough in how real estate works to make much of a recommendation... but is it correct that you would lose all equity in your home if you foreclose? How much equity do you currently have in it? Do you really want to walk out on all of that money? Because if you do it's essentiall a sunk cost, and you could consider it equivalent to renting a place... in that case, $2k/mo is some pretty high rent...
Also keep in mind that it's entirely reasonable (IMO... for what it's worth) that many/most homes are currently UNDER-valued, simply due to the horrendous state of affairs. If I were you, I would reassure myself that over time home values will eventually come back up. Maybe (probably?) not to the level you bought at, but even still, you would OWN your home in the end. Are you happy with the house and the neighborhood? I would avoid a rash decision that you might regret.
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"Praestantia per minuti" ... "Acta non verba"
Last edited by kork13 : 09-25-2008 at 05:46 PM.
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