Every investment has a risk.
That doesn’t mean I don’t feel sorry for anyone (including myself!) who loses out.
But when we make a good profit, we don’t share it with everyone. So when we make a bad loss, we shouldn’t share that, either.
I hope they make it ok.
Sounds like the boat I am in... I just plan to stick it out until I get the mortgage down to the value of the house, and then consider my options at that point.
He’s put his credit rating above his family. The question has been asked, “Would you sell your family’s happiness for a _________ amount of dollars” and he has answered.
If he can’t make the mortgage, like I can’t, and no one will buy it - Then I’ll face poor credit, bill collectors and, I sigh as I type it, bankrupcy. But I’ll never leave my wife for a job across country. She comes with, but I won’t leave her alone.
And with a kid ? Yeah, they have the house and stuff, but no dad. That kid needs a dad. My dad wasn’t rich, and we lived in small apartments my whole life - but my family was together.
Credit isn’t _you_, and you are not your credit. Don’t let “them” convince you otherwise.
Walk away.
Start a new life without a $200,000 weight around your neck.
My old Air Force work-associate moved to Florida in 2007 and bought a house for $215k. As she was doing the final paperwork on the purchase....she found the original price when it was built in 2003 was $145k. Imagine a house that goes from $145k to $215 in four years. She had this fantasy that she’d sell it in three years for $230k. When the bottom dropped out twelve months later....she was stuck with a house that can’t be sold for more than $180k max. It’s a nice house...brick...decent yard...twenty miles from the beach....but it was never worth $215k to start with.
I feel bad for him...but barely, because I was there.
We bought in SoCal for $385k in 2006, and just finished a short sale in 2011 for $202k. We made a mistake then...I lost my job in 2010 and now we are paying for it.
And I am very happy renting, with my family intact, in Wisconsin.
LLS
My husband and I lived in Las Vegas. In 2005-6 a friend of ours wanted to buy a house. My husband was in real estate years ago. We both saw the writing on the wall. This was confirmed by talking with a Realtor who said an Asian client wanted all his properties sold ASAP at whatever price she could get. My husband told his friend that he should wait till the prices start coming down, rather than buy while they’re on the up swing. He bought and ended up having to short sell. Luckily for him he sold before the foreclosure crisis was full blown.
We’re moving back to Las Vegas this summer and will be renting. The Realtors say, “this property won’t last.” We just laugh. We’ve been gone a year. When my husband was there in Feb., he said I wouldn’t believe it, how even more deserted it was and not much traffic on the freeway.
What’s really sad is to be in your 50’s and 60’s facing foreclosure and knowing you may never again be able to buy a house if you walk away or the actual foreclosure takes place. That’s one thing that keeps us in our house. Fortunately, we bought it before the housing bubble and have a decent interest rate.
Needs to cut his losses and file for bankruptcy.
Holding on is only prolonging the pain.
Renting is not the end of the world.
The issue for them is all about a lack of work. I doubt the home has a high interest rate and the mortgage is probably fairly low.
Yeah he’d like to make payments on $105,000 but had he seen his house go to $660,000 we would never have heard of these people.