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]I understand the apprehension. We are not underwater and don't plan on moving for another 10 years so it shouldn't affect us but it does make me nervous.

For the risk adverse, equity is another layer of financial security. It means that you could downsize if circumstances changed drastically. It means that you have access to another source of loan if you need it. Its a form of savings. If you lost thousands from your retirement savings would you think oh well...I'll make it back up later? If all of sudden thousands disappeared from your savings account would you think Oh well I wasn't planning on using it anytime soon? Probably not.

For risk takers, many people are in a precarious situation where they can barely afford their payments. For people who looked at their house as an investment as well as a home, they are realizing that their investment is lost. For people who bought a starter house thinking that they would later upgrade its hard to keep paying for more than the value of an assett that you don't enjoy or want. [/quote]

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