Under water properties

[Nikita2Charles 32]

With so many houses under water, how many of you guys are deep under water, what location?

[chri'stina 190]

We owe more than it's worth now...also have our sinkhole issue that made it even worse. *sigh*

central FL

Edited August 28, 2009 by chri'stina

[TBoneTX 45,447]

Uh... Atlantis?

[almaty 19]

no, sanita bought the house we live in with cash..and i bought the house next to us and the rest of the block with cash....so, we owe nothing to the bank............

[w¡n9Nµ7 §£@¥€r 123]

No, not yet. Another 35-40% and I'll be underwater. Another 10% and it will be below what I bought it for. The latter is likely to happen, the former is not (IMHO).

[I AM NOT THAT GUY 5,715]

I bought my place in 1988. It should be paid off next year. GMAC did close my credit line though, which seemed strange to me, but the more folks I have talked to, the more common it seems that credit is drying up faster than the California water supply.

[Donna A 4]

i think im about breaking even right now. we will see here in a few months when i put it up for sale. my credit line was also closed a while back.

[nate11 0]

I am not there yet but from what i paid for my home a few years ago if i try to sell now i would still owe the bank 20,000!!! that hurts and i know this as a few homes that are near my home that sold for in the 30,000 to 40,000 range are not selling for 10,000 to 25,000 Nate

[almaty 19]

I am not there yet but from what i paid for my home a few years ago if i try to sell now i would still owe the bank 20,000!!! that hurts and i know this as a few homes that are near my home that sold for in the 30,000 to 40,000 range are not selling for 10,000 to 25,000 Nate

wow, you are f##ked....

[Nikita2Charles 32]

ALL About timing and risk.

Being in the SlliCon valley we Paid $610,000 back in 2006, now it's worth $320,000. With the economy as it is, no pay raise, no bonuses actually the mentality in the workplace is that you should be lucky just to even still have a job with so many layoffs. with a severe reduction of income, we've been draining our savings for the past year now just to stay current, at this rate we can only hold on for another 3-6 months just because some stocks went up so can sell some of those that area breaking even.

So it comes down to this, do you still give the bank your money when it feels like you are throwing money down a pit, who knows how long it will take just to break even so at least we can get the deposit back? nobody knows, or is it time to cut our losses