Dear Hayden, I bought a home a last year and right now I owe $20,000 more then it is worth. I don't like the feeling of being of having this huge debt over my shoulders. Although I can afford the payments, I could now rent a similar house for $500 per month less then I am paying on my mortgage. Since the lenders are receiving a lot of foreclosures and short sale requests right now, do you think I would qualify as well? It would save me a lot of money. Do you think it would hurt my credit really bad? Answer:
Dear Un-Proud Homeowner, I would advise you take a look at your loan documents you signed recently. Although you might believe that you bought your house strictly for an investment, the documents you signed said otherwise. Are you telling me that you bought your house with a condition that you are only willing to make payments if your house is appreciating? I would call your lender up and tell them the truth, and listen to what they have to say. My opinion is that people like you are ruining the housing market and causing the banks to lose a fortune. This means that everybody else is going to pay for your unwillingness to maintain your agreements. I hope that you really take a look your life and your situation, and have some integrity.
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