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]We can afford the payment, but the 30% of the purchase price we've paid in the past 6 years is just gone.  Yes, we'd need somewhere to live but if we were renting (the comparison to money being just gone) we'd have made different choices about what we chose to pay.  We had hoped to refinance in a way that rolled a second mortgage into the first.  Yes, we can still afford them both, are still prepaying, and will soon only have 0 equity and not actually be underwater, but it's still frustrating.

We live in PG, not Fairfax, DC, or MoCo, and the tax assessments are down 30% from the peak and still dropping in some areas.  Even in nice neighborhoods there are foreclosures that are sitting empty and a glut of houses on the market.  So yes, if you have a secure government job (again, which we do) it is no big deal to be stuck in a house for 15-20 years.  If you are a contractor or don't have the seniority to avoid being early in the rounds of cuts that are the next logical step with all the budget gutting, it's even more stressful.[/quote]

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