Navydoc has the voice of reason on this one, unless you bought it purely based on appreciation with no ability or desire to stay, ride it out if you can afford it. Now if you bought somethig you couldn’t afford because you thought you’d make a killing, go with the free rent plan, one forclosure will not haunt you forever and if you save the sizable downpayment you plan, you’ll survive and be able to buy in a few years.
Like Navy, I rode out a past bubble purchase (1991) and it seemed like I shouldn’t but it worked out in the end, it’s a game of chicken and fortunately for me I could afford to stay but was trapped in a small house longer than I planned. It took exactly 7 years to break even and the following 7 years it tripled. I wish I had stayed with it longer rather than sell it the minute it came back to even.
How did you get upside down on a 2003 purchase? I thought downtown had retreated from 2005 or 2006 highs but I didn’t realize it had gone so far below that.
