When does it make financial sense to just dump your house???

[UCGal]

I have a few questions for you.

If the house had kept it’s value – market stayed flat rather than declining – would you be anxious to move out of your house? Or would you be content to stay and make the house home?

It sounds like you can comfortably afford the payments on your income. Especially since you were able to do the loan mods. So the only factor is that your neighbors are buying similar houses for less – or paying the same amount to get bigger houses… It doesn’t sound like it’s an issue of you not being able to afford the house you bought.

I’m old school – I really dislike the notion of treating your primary residence as an investment – I think you should buy the house you plan to live in because it meets your shelter needs, your school district needs, your nesting needs. And you buy long term…

My advice – filtered through the thought process of buying a house for shelter, not as an investment, is that you should stay, pay your mortgage, and be grateful for a nice home to live in.

As far as the crowded kids… Like CA Renter, my kids share a bedroom – it’s by choice. Our house is similar in size (2k sf) and is plenty large enough to raise a family in. You’d be surprised how little space you need to raise a family. My husband grew up one of 6 kids in a 1200 sf house with 1 bathroom. He didn’t suffer psychic harm.

[Allan from Fallbrook]

I’d have to agree with the other posters here regarding the situation and also add that I agree with UCGal: A 1,900sf house is not a small house by any means.

The first house I bought (1991) was in the San Carlos/Grossmont JC area and was just under 1,300sf. It had 3brs and that would have been a tight fit with 2 kids, but 1,900sf should actually be somewhat comfortable.

Obviously, being $150K underwater is nothing to sneeze at, but if you can continue making payments and you like the house/neighborhood/schools and your commute isn’t overly onerous, why not stay? It sounds as though your kids are young, so you won’t be going anywhere soon and at some point, the market will turn, enabling you to recoup some of that lost equity.

Bailing the situation, on the other hand, introduces a whole bunch of unknowns into the mix, including going from an owner to a renter and into a house you don’t own and know nothing about. As bad as your situation is now (and I understand the sentiment behind having your wife weigh in on you like that), it could definitely get worse, especially from a legal vantage point.

Playing the cards you’re dealt is generally preferable, over the long haul, to trying a whole new hand.

[Allan from Fallbrook]

I’d have to agree with the other posters here regarding the situation and also add that I agree with UCGal: A 1,900sf house is not a small house by any means.

The first house I bought (1991) was in the San Carlos/Grossmont JC area and was just under 1,300sf. It had 3brs and that would have been a tight fit with 2 kids, but 1,900sf should actually be somewhat comfortable.

Obviously, being $150K underwater is nothing to sneeze at, but if you can continue making payments and you like the house/neighborhood/schools and your commute isn’t overly onerous, why not stay? It sounds as though your kids are young, so you won’t be going anywhere soon and at some point, the market will turn, enabling you to recoup some of that lost equity.

Bailing the situation, on the other hand, introduces a whole bunch of unknowns into the mix, including going from an owner to a renter and into a house you don’t own and know nothing about. As bad as your situation is now (and I understand the sentiment behind having your wife weigh in on you like that), it could definitely get worse, especially from a legal vantage point.

Playing the cards you’re dealt is generally preferable, over the long haul, to trying a whole new hand.

[Allan from Fallbrook]

I’d have to agree with the other posters here regarding the situation and also add that I agree with UCGal: A 1,900sf house is not a small house by any means.

The first house I bought (1991) was in the San Carlos/Grossmont JC area and was just under 1,300sf. It had 3brs and that would have been a tight fit with 2 kids, but 1,900sf should actually be somewhat comfortable.

Obviously, being $150K underwater is nothing to sneeze at, but if you can continue making payments and you like the house/neighborhood/schools and your commute isn’t overly onerous, why not stay? It sounds as though your kids are young, so you won’t be going anywhere soon and at some point, the market will turn, enabling you to recoup some of that lost equity.

Bailing the situation, on the other hand, introduces a whole bunch of unknowns into the mix, including going from an owner to a renter and into a house you don’t own and know nothing about. As bad as your situation is now (and I understand the sentiment behind having your wife weigh in on you like that), it could definitely get worse, especially from a legal vantage point.

Playing the cards you’re dealt is generally preferable, over the long haul, to trying a whole new hand.

[Allan from Fallbrook]

I’d have to agree with the other posters here regarding the situation and also add that I agree with UCGal: A 1,900sf house is not a small house by any means.

The first house I bought (1991) was in the San Carlos/Grossmont JC area and was just under 1,300sf. It had 3brs and that would have been a tight fit with 2 kids, but 1,900sf should actually be somewhat comfortable.

Obviously, being $150K underwater is nothing to sneeze at, but if you can continue making payments and you like the house/neighborhood/schools and your commute isn’t overly onerous, why not stay? It sounds as though your kids are young, so you won’t be going anywhere soon and at some point, the market will turn, enabling you to recoup some of that lost equity.

Bailing the situation, on the other hand, introduces a whole bunch of unknowns into the mix, including going from an owner to a renter and into a house you don’t own and know nothing about. As bad as your situation is now (and I understand the sentiment behind having your wife weigh in on you like that), it could definitely get worse, especially from a legal vantage point.

Playing the cards you’re dealt is generally preferable, over the long haul, to trying a whole new hand.

[Allan from Fallbrook]

I’d have to agree with the other posters here regarding the situation and also add that I agree with UCGal: A 1,900sf house is not a small house by any means.

The first house I bought (1991) was in the San Carlos/Grossmont JC area and was just under 1,300sf. It had 3brs and that would have been a tight fit with 2 kids, but 1,900sf should actually be somewhat comfortable.

Obviously, being $150K underwater is nothing to sneeze at, but if you can continue making payments and you like the house/neighborhood/schools and your commute isn’t overly onerous, why not stay? It sounds as though your kids are young, so you won’t be going anywhere soon and at some point, the market will turn, enabling you to recoup some of that lost equity.

Bailing the situation, on the other hand, introduces a whole bunch of unknowns into the mix, including going from an owner to a renter and into a house you don’t own and know nothing about. As bad as your situation is now (and I understand the sentiment behind having your wife weigh in on you like that), it could definitely get worse, especially from a legal vantage point.

Playing the cards you’re dealt is generally preferable, over the long haul, to trying a whole new hand.

[SD Realtor]

VC sorry to hear it went the way it did. You had the guts to post here when you were looking, then when you bought, and now in the aftermath. No use repeating what has been said but good luck.

[SD Realtor]

VC sorry to hear it went the way it did. You had the guts to post here when you were looking, then when you bought, and now in the aftermath. No use repeating what has been said but good luck.

[SD Realtor]

VC sorry to hear it went the way it did. You had the guts to post here when you were looking, then when you bought, and now in the aftermath. No use repeating what has been said but good luck.

[SD Realtor]

VC sorry to hear it went the way it did. You had the guts to post here when you were looking, then when you bought, and now in the aftermath. No use repeating what has been said but good luck.

[SD Realtor]

VC sorry to hear it went the way it did. You had the guts to post here when you were looking, then when you bought, and now in the aftermath. No use repeating what has been said but good luck.

[blahblahblah]

Stay in the house! If you can afford it don’t worry about how much cheaper renting would be. Ask yourself how happy you would be if the sheriff shows up to the door to kick you out because your landlord hasn’t been making his payments! That has happened to many renters and it will continue to happen. Your monthly payment after the tax writeoff is not that much more expensive than equivalent rent, and you own the place. Someday it will be paid for. Also, don’t forget all of the costs associated with buying and selling a home. If you sell you’ll be out money and when you buy again you’ll be out money, too. Those realtors gotta make their BMW payments, you know.

As for the house being “too small”, my grandmother raised 4 kids in 1100sf. It’s the family that’s important, not the house.

[blahblahblah]

Stay in the house! If you can afford it don’t worry about how much cheaper renting would be. Ask yourself how happy you would be if the sheriff shows up to the door to kick you out because your landlord hasn’t been making his payments! That has happened to many renters and it will continue to happen. Your monthly payment after the tax writeoff is not that much more expensive than equivalent rent, and you own the place. Someday it will be paid for. Also, don’t forget all of the costs associated with buying and selling a home. If you sell you’ll be out money and when you buy again you’ll be out money, too. Those realtors gotta make their BMW payments, you know.

As for the house being “too small”, my grandmother raised 4 kids in 1100sf. It’s the family that’s important, not the house.

[blahblahblah]

Stay in the house! If you can afford it don’t worry about how much cheaper renting would be. Ask yourself how happy you would be if the sheriff shows up to the door to kick you out because your landlord hasn’t been making his payments! That has happened to many renters and it will continue to happen. Your monthly payment after the tax writeoff is not that much more expensive than equivalent rent, and you own the place. Someday it will be paid for. Also, don’t forget all of the costs associated with buying and selling a home. If you sell you’ll be out money and when you buy again you’ll be out money, too. Those realtors gotta make their BMW payments, you know.

As for the house being “too small”, my grandmother raised 4 kids in 1100sf. It’s the family that’s important, not the house.

[blahblahblah]

Stay in the house! If you can afford it don’t worry about how much cheaper renting would be. Ask yourself how happy you would be if the sheriff shows up to the door to kick you out because your landlord hasn’t been making his payments! That has happened to many renters and it will continue to happen. Your monthly payment after the tax writeoff is not that much more expensive than equivalent rent, and you own the place. Someday it will be paid for. Also, don’t forget all of the costs associated with buying and selling a home. If you sell you’ll be out money and when you buy again you’ll be out money, too. Those realtors gotta make their BMW payments, you know.

As for the house being “too small”, my grandmother raised 4 kids in 1100sf. It’s the family that’s important, not the house.

[Author]

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