Hello everyone. I love LOVE this board so much. Cannot tell you how much help it has provided over the years. I have a housing question (like many). I am one of the fortunate who was able to get a great modification on my current home loan. It's a 30 yr. fixed at a great rate, super great payment. However, I owe much more on it than it is worth (who doesn't, right?). I was just wondering what your thoughts are on staying in it or giving it the boot b/c of the debt to value ratio on it. This is my dream home, but lately I just keep thinking about the dream price attached to it. This was fine when the home was holding value, but we all know how that story has gone. Yet, I can't imagine when in the future I would ever be able to buy again, as this economy has caused me some dings in my credit. That being said, I imagine my credit score is fine to find a place to rent. But, is it silly to throw money away at rent when I can continue to throw it at ownership, even at a price?
Hi Reatha- glad to hear that CreditNet has been a great resource for you over the years! How far underwater are you on your home?
Believe me, I know how you feel. It's a tough decision. How long do you keep throwing good money at bad money? Well, I'm still optimistic that real estate values will recover in the next 5-10 years. If you love the home and can live in it long term, hold onto it. In the long run I think you'll be happy that you did.
If you enjoy living in your home and stay there for the next 5 to 10 years then I would stay and ride out the market. It will come back it always does. Thanks! Heather with BoostMyScore.NET
You're welcome. If you love the home, stick with it. I'm optimistic real estate will recover! I just don't know how long it will take...
