I could show you some cars I have owned that are now junk. I had more money in them than they were worth for most of the time I drove them. I even fixed up one vehicle and spent about 2 times its book value not including major amounts of labor rebuilding it. I then kept it on the road for 5 years until rust killed it.
I figured that I came out ok on the deal. I drove it enough to feel the price was ok.
A house is similar. You agreed to pay a certain amount for it. Now it has less value but it is STILL providing you with shelter. The house has not changed its usefulness and your need for a place to live has not changed.
That means live in the house, make your payments and accept that prices can go up or down and live in the house you wanted, bought, and agreed to pay for.
The credit union is simply a bunch of people who put their money together. It does not have money to throw away. You will be hurting the other members of that credit union if you default on a loan you could afford. As a member of a credit union I hate that idea. Please do not take an action that would hurt me or others in my shoes. You not paying your loan could mean lower interest for those with money there and higher interest costs for those who want to borrow money. That is not fair to the rest of us is it?... more