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Real Estate
Reply to "Buying again after short sale"
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[quote=Anonymous]OP, as someone who has also been paying for an underwater property in another state for years (and losing thousands of dollars a year for the privilege), all I have to say is CONGRATS. Three years of paying for an empty house is more than enough loss for you. We're still 2 and 1/2 years from having enough equity to sell, and even though it's rented, we can't rent for anywhere near what we owe. We just bleed money and have no hope of ever fully recovering from the loss. Every year we're stuck in that place just adds to the loss. I count the days until we're paid down enough to be able to get out and am thankful that we weren't so underwater that paying our way out would never be possible. A business that took a 50+% loss on an investment would bail too, so no shame in that. So, I think you did the right thing and 4% on a ten year ARM is awesome. Get yourself paid down on that loan as fast as you can and get on with your life. [/quote]
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