[HappyHome]

hi, was reading this thread and wanted to pop in here and ask more about info. on the neg. equity.. as I plan on seeking everything I can Possibly claim on my taxes this year.. I am hoping That there will be certain areas of relief perhaps from all this mess.. so many Americans have endured from Going on the Belief of The American Dream .. then it turning into The American Nightmare, I am turning 51 in March.. Pondering will I have to work Now until I am in my late 70's Just to be able to afford to live? Scary//Sad and makes me really mad.. any thoughts? thanks!

Originally Posted by cactus77727

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.