Should I stay or should i go????

[EXTREMEBOWHNTR]

So here is what im thinking and id like to get some peoples input.....
I live in california make about 6 figures a year married with three kids. I bought my house six years ago when i was 21 and thought is was the right move now that im older and the housing economy whent to shit i dont know???? Right now Im about 100,000 upside down.

Now i know its not morally right but i was thinking about letting my house go. Im not letting it go because i cant afford it im letting it go because I think that it would be a smart finacial move. I dont ever see the housing market ever coming back to where it was at. Lenders are way to smart now and there not going to give money away like they used too. SOOO in short im never going to make my money back...

So tell me what you think... Oh and if your going to tell me im a piece of shit for contributing to the shitty economy, i already know this but the lenders fucked me over the same way!!!!!

 

[chewyxrage]

I wouldn't run away if I was you.

If you make 100K/year, then you wait it out.

Eventually it will come back to what you paid. Do you have a big time money job moving away from where you are now?

It doesn't sound like it. If you can afford to make the payment, do it. Don't fuck over your credit.

You have a job making 100K/year. Do you fear losing your job or something?

I can't see why you would panic unless that's true, or you have a shitload of debt.....

If you have no problem making the payment then why the hell would you sell when the market where you're located is low???

 

[SpyWizard]

well, you won't be the only one that's for sure.. the trend right now is people like you are buying, buying the best house that is in foreclosure.. then they let the house they are in go to foreclosure.. renting it out for the 1-2 years for the foreclosure to take place..

King obama may change that soon.. but you go get yours now..

 

[needmassnow]

You have to remember that 100k differential between outstanding debt and actual market value in California is not the same as a 100k differential in Wisconsin (or similar location). The California real estate market has been historically strong and depending on your exact location within Cali, you may rebound much quicker than the rest of the united states.

Before letting your house go, you should try speaking with your lender. You did not mention that you have gone to your mortgage company yet in your original post, so I would start there before just letting your house slip into foreclosure. Many lenders already have quite a mess on their hand and do not want to add your abandoned house to their portfolio. Many banks are receiving TONS of bail-out money, with the sole purpose of forgiving inflated debts on homes.

Speaking for south florida, I have met no less than 50 people who have started their own "mortgage debt consolidation" business since the housing crisis, and I have rarely heard of any of them making under $300-500k per year. They charge huge up-front fees with no guarantees and a lot of times are unable to deliver. Do not waste $1000-3000 on a conseltation firm that may not be able to negotiate anything with your lender. Remember, you can do everything yourself that these b.s. companies do, so I would strongly advise you to stay away from that route.

Start by really hounding your lender to forgive your debt, and rework your financing.

 

[Bikini Mod]

Curious to see how this played out. Bump for update.