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Originally Posted by orcina_orca  Thanks for the advice, Joe84780. You are correct in your extrapolation of my current situation. But the way I'm looking at it right now is that it would also take me approx $1400 to rent a decent house or apt right now. My current house would in addition give me a tax break of at least $150/mth should I choose to keep it, and some equity (hopefully, unless real estate keeps dropping!).
Of course, I'm still hoping against hope that the $110K is a non-recourse "loan" for which they cannot come after me. The best scenario (but not likely) is if I turn around and sell it to my spouse for 230K. In principle, that would help me "buy in" at the low current price and "ride" it when the price eventually goes up, would it not? |
Remember that their loan was an 'investment', offer them something to counter. Perhaps offer $75k or whatever you feel is more suitable. Why should they collect the entire amount when faced with a $110k or $0 choice. Eventually the decision can only be yours, but I would think with such a drastic loss for them, they would haggle a bit.