Tavo, more thoughts. I just read that you have an option arm on the house. When it resets, can you afford the payments?
Regarding your primary residence, I’m not familiar with your area. For one thing, you should consult with real estate experts in the area you purchased (reputable ones-not crooks) and determine some kind of guesstimate on how many years it will take for the value to come back up to what you bought it at. Also do your own research, don’t just take anyone’s word blindly. Will you be psychologically ok living in a house that you paid 100k, 200K too much for? You bought at peak, so depending on the area, it may NEVER be worth what you paid for it.
Taking that into consideration, with what I posted above, you can make a decision on whether you want to keep the primary residence.
About the condo, what has comparable condos dropped to? Same with the house, it may never be worth what you paid. Does it make sense to you to keep it from a financial standpoint? If not, dump it. Again, since it’s non-recourse, consult a lawyer as well to make sure you can.
P.S. Yes, I mean recourse. Sorry. Also, I’d rather feel a little shitty at first, and be able to live free, save money and invest for the good of my self and family.
