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Just thinking out loud. If they sold the house, could they afford to rent (1st and last month deposit) and would it be any cheaper than the house payment?
by chrisbennet 12y ago
Just thinking out loud. If they sold the house, could they afford to rent (1st and last month deposit) and would it be any cheaper than the house payment?
- genwin 12y agoDefinitely not cheaper than no house payment. In NV for example there are thousands of homedebtors who haven't made a payment since 2008. They're effectively protected by state law until 2017.
- logfromblammo 12y agoThey don't sell the house. According to the article, they cannot sell it at a price high enough to satisfy the lienholders. Rather than shouldering the entire burden of a bad property investment alone, they can force the bank to take some of it. If you have negative equity in a property that has negative cash flow, you really should get rid of it as fast as humanly possible, by any means at your disposal, no matter how much beans and rice you typically eat in a month.