‘The couple, who live near Seattle, declared bankruptcy in 2011 when the value of the house they then owned plunged to less than $200,000 from the $349,000 they paid for it four years earlier, just as the economic slump was about to start. Jason even stopped getting haircuts to save money.
“We thought we’d have a white picket fence, two kids, two dogs, and we’d have $100,000 in equity,” said Jason, 33, who does have two children. “It’s just really frustrating.”’
I know from experience the Seattle housing market was grossly inflate and probably still is. We decided not to buy and eventually moved from the area. Cost of living is very high, traffic is terrible (around Seattle) and its a liberal cesspool. Its like being in the US but living in a commie country all at the same time.
Just wait till they get the tax bill. They will consider the unpaid mortgage as income.