If this is any help at all. I bought a house in 1988 for $250,000..then it started declining in 1990, I live in California and in 1994 we had a devastating earthquake and I live right in the middle of it..The home next door to me sold for about $150,000...the house next to me the people just walked away after the earthquake and the bank sold it for $160,000. I was a single mom to 2 children, no child support and making $2,000.00 a month.. 10 years later that same house was worth $700,000. I could have walked way, yes..but it was my home, my responsibility. I never saw walking away as an option..
Right now the house I am living in cost me over $800,000 3 years ago, probably worth $200,000 less than that..but I like my home and its just a matter of waiting to see what happens the next 5 years. I am working on modifying my loan with the bank and paying a lower interest.
Its tough to see the way things are going and probably think to yourself that you could have waited..but its already done and we just have to sit tight and wait.
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