Thread: Anyone else "underwater" on their mortgage ?

Our house actually climbed 25% in value over the last 3 years, so we are about to sell it without a loss and move on with our lives. All in all happy campers even tho most of our free time is now dedicated to finding a new place.

We just filed bankruptcy on our house six months ago. We loved the place. I had a pool and a large fenced yard. I did a lot of work on that place over the years. Problem is the more you do to it the more it is worth and the higher your taxes are.
We had one of the adjustable rate mortagages. Wish I had that to do over again!. Our house payment went from 950 a month the 2400 a month. and the taxes went up and the insurance went up. My wife is a nurse for the school system here and they have cut their hours now. I had a back injury and had to have two spine surgeries so I can't work anymore. We just could not hang on to the house any more. The bank sold it to another bank and they sold it to another bank and on and on and each time it got worse. I am sixth three years old so we will likely never recover from this.
We now live in a small rental. My workshop is gone but I am using one of the bedrooms here for a shop. I just keep it closed off. The people we rent from are friends and have been good to us.
I am a minister and I have to say that our faith is the only thing that has got us through this. Mack

I'm wearing a diving bell and full suit. Paid 1/4 mil for our house. Its now worth about $150K.

I fall under the heading of those who bought property young,built the house with my own hands,and paid it off at 47 years old.I'm 50 now and it's just gravy.I really do feel for those folks who feel trapped by the circumstances that befell the real estate market in this country.It sure seems like the economy is getting better,and hopefully the market will recover fully.

I waited until the market was absolutely horrible (about 18 months ago) and then bought a house about 12 months ago. lots of foreclosures to shop from. one year in, the house is already worth more than I owe on it, and it'll only get better (I predict) over the next several years. for tax reasons I'm going to wait at least 3 more years before flipping the house, though.