Reply to What I don't get: When people complain that they are drowning because their house is underwater

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Reply to "What I don't get: When people complain that they are drowning because their house is underwater"

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[quote=Anonymous][quote=Anonymous]But....can you still afford the payment?  That's the question.  You still have to live somewhere.  If you stay long enough, you will pay the fucker off.  So I don't buy the "OMG, I will never have any equity EVER!" argument, ESPECIALLY not in Northern Virginia.  People are constantly like "OMG, my house lost 50K!"  Meanwhile, 50K is less than 10% of their house value.  [/quote]

ok...well, I've never complained that I am "drowning" but...

We bought our house in 2006...it hasn't lost $50,000, it's lost about $200,000, possibly more....We paid $570,000...and judging by recent sales in my neighborhood we could probably get somewhere around $375,000 right now.
We put a down payment of about $200,000--so after figuring realtors fees we would still be out money if we were to sell right now.

Sure, we can afford the payment right now, that part hasn't changed, but what if Dh was to get a job transfer and we had to move?   I don't think we'd be able to get a renter to pay enough each month to cover the mortgage payment.   Plus, there's always a chance that it would take several months to find a renter...or we'd get a bad renter that stopped paying, etc.   Then we'd be paying our mortage PLUS whatever housing costs in our new location...

Yeah, I could see that as "drowning"[/quote]

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