[quote=briansd1]Good idea, sdrealtor. Makes sense to me.
geovil7, yes, you have to consider all the practical options, including walking.
geovil7 is clearly not hurting financially…. but being underwater makes him feel that he’s being screwed somehow and want to get out of the situation.
A lot of psychology at play here…. so that’s why I continue to believe that underwater houses will have to resolved before the market gets back to “normal.”
Government intervention will smoothen and elongate the process, but negative equity is causing people to fall out of love with their houses.[/quote]
Read the part about job in different area, bigger family, 80% I/O and 10% balloon payment in 2017….Unless he can make the balloon payment on 5 years, he certainly most likely is not going to be able to refinance when time comes. And hopefully in 5 years we still have low interest, otherwise his monthly is go up now too..So what might be affordable now might not be moving forward.
