Maybe I’m looking at this whole thing wrong. But for what it’s worth.......last time we had our home appraised, it came in at $550,000. We payed $215,000 for it seven years ago. If the value dropped 10%, that’s only $55,000. It’s still worth a lot more than we payed for it. I’m not that worried about it. Now, if we just bought it at $550,000 and it dropped $55,000, I might be worried. But.....it will come up eventually.........always does. The key is, did I do responsible financing?
You and others will be alright, but many who bought in the past 2 years will get shafted. Timing is frequently very important in business decisions.
Long term my FRiend long term. You did just fine!