Ack! Upside-down mortgage!

Discussion in 'Random Ramblings' started by PotterWatch, Oct 31, 2009.

  1. PotterWatch

    PotterWatch My Patronus is a Chicken

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    Apr 22, 2008
    Virginia
    My husband was having to do some paperwork for our property taxes (trying to get them lowered). He needed to give them prices for a few houses in our area that sold this year and are fairly similar to our place. So taking the average of the houses he was able to find, out house is worth about $175k less than what we owe on our mortgage. ACK!!!
     
  2. debilorrah

    debilorrah The Great Guru of Yap Premium Member

    It WILL improve someday. My mom went through that in the 70's.....
     
  3. Wifezilla

    Wifezilla Positively Ducky

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    Oct 2, 2008
    Colorado
    Welcome to the party [​IMG]

    It is really only a problem if you are trying to sell.
     
  4. PotterWatch

    PotterWatch My Patronus is a Chicken

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    Frankly, I would love to sell and move to Oregon or Washington. Realistically, I know that a move like that is years away because of the housing market right now. The only thing keeping us here is that we can't afford a mortgage on two houses and there is no way we can sell this one for enough money.
     
  5. wombat

    wombat Chillin' With My Peeps

    Jun 23, 2009
    California real estate is always "boom or bust" ... the time to sell and move to the country is during the next boom, not now!
     

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