| Re: Need help with my situation - would like to walk
I would consider having a liability of $230,000 (AKA negative equity) on your personal balance sheet, to be severe. Eventually housing will recover. But will our homes be worth more than our mortgages within our lifetime? For some the answer is no.
One could argue it is a little more difficult for you to decide to walk because you have the income. I'm mean, you don't have to walk right now, compared to someone who does not have the income to make their payments.
If I were in your situation, I might still walk away for the sake of my long term future financial health. One thing Ive learned from this website, is you have to think of it as a long term business decision. Not emotional or moral. |