[kabar]

If it makes sense financially and it comes down to being able to relocate and find a job, I say go for it. It is the reason we have bankruptcy laws.

I personally know of a case in Scottsdale, AZ where someone bought an expensive condo as an investment. He took out a mortgage for $600K. The place is now worth around $300K. Rents have also dropped. So how long should someone hang on to such a property that is bleeding them dry each month? If you sell it for $300K, where do you get the other 300K to pay off the mortgage?

[kcvl]

“I personally know of a case in Scottsdale, AZ where someone bought an expensive condo as an investment. He took out a mortgage for $600K. The place is now worth around $300K. Rents have also dropped. So how long should someone hang on to such a property that is bleeding them dry each month? If you sell it for $300K, where do you get the other 300K to pay off the mortgage?”

So the rest of us should pay for his financial gamble?