“How much equity have you lost in your current resident?”
None, I believe that I got a good deal, but values are falling like a rock, so I’ll be down 20% in 2009 an 2010. After that, who knows.
“Can you really afford it like you say?”
Absolutley, my original post is 100% accurate. Why would I lie if I’m asking for helpful advice?
“if you didn’t purchase it at a ridiculously overvalued price, can afford it, like it a lot, and plan to stay in it for the long term, keep it.”
All true and I agree with this conclusion
“P.S. If it’s non-recourse, I don’t know how you will get out of it.”
I think you mean “recourse,” but I’ve known this. I thought I read somewhere that if you just re-fied w/o taking equity out there may be some “grey area.” It may be worth speaking to an attorney, but it feels pretty shitty to consider this…
