I'm new to the forum and seeking advice. I purchased a fixer in the mid-2000's for around $300,000. Always made payments, including some extra principal payments. Along the way I also made some improvements of about $40,000.
Now it's 2012 and I'm wondering why I have hung in so long. The last appraisal was in the low 200's. Not terrible but not good, and a little below what I still owe. There is still a lot of work (maybe $30,000 or more) that would need to be done in order to sell (or even rent it out) and it's just not looking worth it to continue to try and make this work, in the hope that the house may someday appreciate enough to make the whole thing worth it. I could easily shave $1000-$1500/month+ in expenses by leaving and renting instead, and my desire to ever own a home again seems to be gone. I have no real ties to the neighborhood, so the only real loss would be financial.
I could refinance to keep going, but it's very tempting to just be done with it and stop worrying. If I hadn't already added some additional investment, I don't think there would be any question. But even with that, the extra cost and pain of owning (and over the long-term future even) seems hardly worth it.
Any advice would be welcome. Glad to have this forum, if only to get good information from others going through similar problems.