People are hurting. The housing bubble, which is a speculative episode, is causing hardship across the United States.
I bought a condo in April of 2005 in San Diego with zero down, we got a 2 year ARM loan, so in April of next year it will adjust. We also have a heloc on the 2nd that started at 8%, but has gone up to over 10%. My neighbor is trying to sell for roughly the same price we bought ours and is having no luck. I enjoy the place, but really don't care if I lose it. I am married, but I am the only one on the loan. My credit was good, so it gave us a better rate to just have me on the loan. When our loan adjusts, I will still be able to pay the loan, but almost all of our income would be going to it. What happens if I just walk away. I don't even care that much if my credit is screwed up, because we can just go rent a place using my wifes credit. Will I owe the difference on the loan if I just walk away and have the bank sell it?
Wednesday, September 27, 2006
ARM Adjusting on Condo, owe more than it's worth
On the AllForeclosure Message Board, there is this message posted about a condo in San Diego:
Posted by David at 12:34 AM