While it doesn’t sound like you’re in a position where you NEED to sell, you are seeing value disapear before your very eyes. You didn’t say what your plans for the future were. Do you like where you live and can afford it and plan to stay there? Or are you looking to leave?
I’ve posted in an earlier thread about a foreclosure I survived in 1994, but my situation was I couldn’t afford the house at the time, and because of depreciation, couldn’t afford to sell either. As far as the foreclosure goes, plan on really shi**y credit for about 2 years, then people will actually begin to trust you with money again. You need to take out a few high interest loans first, like a used car loan or something. Oh, and you absolutely do not have to give up your other assests if it’s non-recourse debt. If it is, prepare to bend over, and there will be no lubricant used.
I find it interesting that someone in an allegedly good financial situation with good credit is considering the move you have suggested. It makes me wonder how many more people are out there considering the same thing, even if they are not “distressed sellers”. If there are a lot of you then I can’t see how our current banking system can possibly survive.
