Quote:
Originally Posted by GP_Matt
The price has to drop 20% plus any principle you paid on the loan before you break even walking away. Unless you turned your house into a crack den I can't imagine walking away is a good financial move.
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People sometimes add second mortgages to the over all debt, owe a wack of property tax, have home maintenance issues, add the potential cost of a realtor and then finally add the cost of arrears on the first. Your property could go up in value and you could still be underwater.