Reply to Tell me how to get out of my underwater house

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[quote=Anonymous][quote=Anonymous]Not trying to sound bitchy (but it will), suck it up.  No one had a gun to your head when you signed on the dotted line.  Don't get me wrong, banks piss me off, corporate greed is off the charts, but so is "keeping up with the Jones'".  Too bad OP, you're stuck with your purchase, so keep paying your 2 mortgages.  Did you sit down before your purchase and go through the "what ifs"?  What if one of us lost our job?  What if interest rates go up?  Is our mortgage payment too high for anyone to help us if we need it?  My 5 yr. old wants, wants and wants more.  I ask him to wait, think about it for awhile, and he forgets that he ever wanted it.

You live in a house you can afford, you drive a car that you can afford, and that is that.  Hope you have learned a valuable life lesson.[/quote]

I'm not the OP, I'm a pp who is also underwater and is on a long-term plan to pay our way out. But, yeah, you're right, your post is b*tchy. Of course we thought about those questions when we bought our now underwater place. And no, we didn't buy more house than we could afford when we bought it - even on one salary. But, things changed. Unemployment shot up to 15% in the city where we lived - not our fault - and we didn't expect that both of us would get laid off at the same time (both of us worked for companies that moved overseas) or that we would absolutely HAVE to move to find work, and as a result we have to rent our underwater property at an annual loss of $15k a year while we also double down on the principal to get to a point where we can sell. We are 100% responsible and are making the sacrifices necessary to get out of a bad situation, but this whole attitude of "you made your bed, now lie in it" ignores loads of larger economic conditions over which people have no control. I hope that when this happens to you someone chastises you about "valuable life lessons" and compares you to a 5 year old too. [/quote]

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