[Tavo]

“You’re already at a 70K loss on the condo. If you can, get out now.”

“If you can get out” seems to be the key question. Otherwise, no way will I just eat $70k in one shot. Even if I sink $1k per mo. for 3 yrs it’ll only be $36k. Consider loss of rent, maintennace, etc..$50k, but I’ll have the very small chance of a turnaround (small chance, I know)

[Tavo]

“You’re already at a 70K loss on the condo. If you can, get out now.”

“If you can get out” seems to be the key question. Otherwise, no way will I just eat $70k in one shot. Even if I sink $1k per mo. for 3 yrs it’ll only be $36k. Consider loss of rent, maintennace, etc..$50k, but I’ll have the very small chance of a turnaround (small chance, I know)

[Tavo]

“You’re already at a 70K loss on the condo. If you can, get out now.”

“If you can get out” seems to be the key question. Otherwise, no way will I just eat $70k in one shot. Even if I sink $1k per mo. for 3 yrs it’ll only be $36k. Consider loss of rent, maintennace, etc..$50k, but I’ll have the very small chance of a turnaround (small chance, I know)

[Tavo]

“You’re already at a 70K loss on the condo. If you can, get out now.”

“If you can get out” seems to be the key question. Otherwise, no way will I just eat $70k in one shot. Even if I sink $1k per mo. for 3 yrs it’ll only be $36k. Consider loss of rent, maintennace, etc..$50k, but I’ll have the very small chance of a turnaround (small chance, I know)

[Tavo]

“You’re already at a 70K loss on the condo. If you can, get out now.”

“If you can get out” seems to be the key question. Otherwise, no way will I just eat $70k in one shot. Even if I sink $1k per mo. for 3 yrs it’ll only be $36k. Consider loss of rent, maintennace, etc..$50k, but I’ll have the very small chance of a turnaround (small chance, I know)

[Tavo]

“How much equity have you lost in your current resident?”

None, I believe that I got a good deal, but values are falling like a rock, so I’ll be down 20% in 2009 an 2010. After that, who knows.

“Can you really afford it like you say?”

Absolutley, my original post is 100% accurate. Why would I lie if I’m asking for helpful advice?

“if you didn’t purchase it at a ridiculously overvalued price, can afford it, like it a lot, and plan to stay in it for the long term, keep it.”

All true and I agree with this conclusion

“P.S. If it’s non-recourse, I don’t know how you will get out of it.”

I think you mean “recourse,” but I’ve known this. I thought I read somewhere that if you just re-fied w/o taking equity out there may be some “grey area.” It may be worth speaking to an attorney, but it feels pretty shitty to consider this…

[Tavo]

“How much equity have you lost in your current resident?”

None, I believe that I got a good deal, but values are falling like a rock, so I’ll be down 20% in 2009 an 2010. After that, who knows.

“Can you really afford it like you say?”

Absolutley, my original post is 100% accurate. Why would I lie if I’m asking for helpful advice?

“if you didn’t purchase it at a ridiculously overvalued price, can afford it, like it a lot, and plan to stay in it for the long term, keep it.”

All true and I agree with this conclusion

“P.S. If it’s non-recourse, I don’t know how you will get out of it.”

I think you mean “recourse,” but I’ve known this. I thought I read somewhere that if you just re-fied w/o taking equity out there may be some “grey area.” It may be worth speaking to an attorney, but it feels pretty shitty to consider this…

[Tavo]

“How much equity have you lost in your current resident?”

None, I believe that I got a good deal, but values are falling like a rock, so I’ll be down 20% in 2009 an 2010. After that, who knows.

“Can you really afford it like you say?”

Absolutley, my original post is 100% accurate. Why would I lie if I’m asking for helpful advice?

“if you didn’t purchase it at a ridiculously overvalued price, can afford it, like it a lot, and plan to stay in it for the long term, keep it.”

All true and I agree with this conclusion

“P.S. If it’s non-recourse, I don’t know how you will get out of it.”

I think you mean “recourse,” but I’ve known this. I thought I read somewhere that if you just re-fied w/o taking equity out there may be some “grey area.” It may be worth speaking to an attorney, but it feels pretty shitty to consider this…

[Tavo]

“How much equity have you lost in your current resident?”

None, I believe that I got a good deal, but values are falling like a rock, so I’ll be down 20% in 2009 an 2010. After that, who knows.

“Can you really afford it like you say?”

Absolutley, my original post is 100% accurate. Why would I lie if I’m asking for helpful advice?

“if you didn’t purchase it at a ridiculously overvalued price, can afford it, like it a lot, and plan to stay in it for the long term, keep it.”

All true and I agree with this conclusion

“P.S. If it’s non-recourse, I don’t know how you will get out of it.”

I think you mean “recourse,” but I’ve known this. I thought I read somewhere that if you just re-fied w/o taking equity out there may be some “grey area.” It may be worth speaking to an attorney, but it feels pretty shitty to consider this…

[Tavo]

“How much equity have you lost in your current resident?”

None, I believe that I got a good deal, but values are falling like a rock, so I’ll be down 20% in 2009 an 2010. After that, who knows.

“Can you really afford it like you say?”

Absolutley, my original post is 100% accurate. Why would I lie if I’m asking for helpful advice?

“if you didn’t purchase it at a ridiculously overvalued price, can afford it, like it a lot, and plan to stay in it for the long term, keep it.”

All true and I agree with this conclusion

“P.S. If it’s non-recourse, I don’t know how you will get out of it.”

I think you mean “recourse,” but I’ve known this. I thought I read somewhere that if you just re-fied w/o taking equity out there may be some “grey area.” It may be worth speaking to an attorney, but it feels pretty shitty to consider this…

[Tavo]

Marion,

No worries about the “prickly” responses. I need to hear it.

So, what would you do if you were me? Please don’t say that you wouldn’t be stupid enough to put yourself in this situation. That does me no good.

Also, you all assume that my credit will only suffer. Apparently a recourse loan is exactly what it means. I may be pretty f*cked…

[Tavo]

Marion,

No worries about the “prickly” responses. I need to hear it.

So, what would you do if you were me? Please don’t say that you wouldn’t be stupid enough to put yourself in this situation. That does me no good.

Also, you all assume that my credit will only suffer. Apparently a recourse loan is exactly what it means. I may be pretty f*cked…

[Tavo]

Marion,

No worries about the “prickly” responses. I need to hear it.

So, what would you do if you were me? Please don’t say that you wouldn’t be stupid enough to put yourself in this situation. That does me no good.

Also, you all assume that my credit will only suffer. Apparently a recourse loan is exactly what it means. I may be pretty f*cked…

[Tavo]

Marion,

No worries about the “prickly” responses. I need to hear it.

So, what would you do if you were me? Please don’t say that you wouldn’t be stupid enough to put yourself in this situation. That does me no good.

Also, you all assume that my credit will only suffer. Apparently a recourse loan is exactly what it means. I may be pretty f*cked…

[Tavo]

Marion,

No worries about the “prickly” responses. I need to hear it.

So, what would you do if you were me? Please don’t say that you wouldn’t be stupid enough to put yourself in this situation. That does me no good.

Also, you all assume that my credit will only suffer. Apparently a recourse loan is exactly what it means. I may be pretty f*cked…

[Author]

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