Quote:
Originally Posted by mistercrash
I was not aware of that. That's very unfortunate but what you did was probably the best solution so you can keep the property and keep it from depreciating even more. Nevertheless, I'm sure all the work you did brought the value up. Have you had it appraised by an agent just to find out how well you did?
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No not yet. We were in too much of a hurry to get a renter in the house paying a monthly payment so we could breath a little bit. I had no doubt that this was the only way for us to go in order to keep things moving forward. We have no idea when the market will turn around, but hopefully before we retire stateside in 2018 so we will have a reasonable choice as to which way to go with the house at that point. We know it has to have appreciated somewhat, but probably not to near the level of the $100K difference that now exists. I was just reading that the market in California is expected to drop even more over the next year or so before any kind of recovery can be seen. A lot of people are just walking away and leaving the mess for the Banks to deal with, but this also ruins your credit for the next ten years. I understand that some people have no choice, but a lot of them do. Randy Quade's house in Cali was upside-down over 1million$$$$$$$ so he lit it on fire and moved to Canada last year. He did an interview a few weeks ago and he said screw the Obama Administration and what they have done to our country. He has no plans on ever returning to the USA. Some people just go too far in the wrong direction. We are trying our best to remain positive and move forward like Americans have done for hundreds of years. Hopefully things will get better for all of us.
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