Perry – at first you indicated she was close to being underwater. If that is the case she should be very proactive.
Waiting for the market to tumble is a little like sitting at the beach as the water gets sucked out just before the tsunami hits – at the first sign of trouble you head for higher ground.
Frankly, if we experience a market in which values drop by 50% (or whatever number the $300,000 represents) my prognostication is that there won’t be financing to be had. The banks, around the time of the depression, pulled in their reins so much that credit availability (or lack thereof) helped worsen the nation’s housing situation and contributed to the crisis known as the Depression.
