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It gets even weirder if that person loses their ability to continue to pay their relatively comfortable mortgage and they have to put their house on the market.
by ProfessorLayton 4y ago
It gets even weirder if that person loses their ability to continue to pay their relatively comfortable mortgage and they have to put their house on the market. In this tremulous economy being underwater is still a very uncomfortable place to be, unless one has plenty of cash reserves — which may be unwise to spend on an overvalued asset.
- lumost 4y agoaye - we may get general debt reform if enough homes become underwater. I'd have to imagine that the number of people able to buy a million dollar house at the 15% interest rates of the 1970s is not large enough to support the current market.