Asked by Avegas702, Las Vegas, NV • Wed Aug 19, 2009
I own a home in Las Vegas that is a little over three years old. I currently owe approximately 300K on it, and I'm lucky if comps in the area are showing half that. I have two foreclosures on either side of me and am feeling helpless. I can easily afford my house payment, and want to do the responsible thing---but with market trends it looks like I'll be further upside down in a year if I keep this house. Part of me wants to jump on the bandwagon and quit making payments, but I'm terrified to destroy my credit. I realize this is the nature of an investment; but the longer I keep with this (we are moving in another 2 years), the more in debt I'm becoming and our 2K payments each month are going into a "black hole". Please anyone--if you've been in this situation or have some advice, I feel like I need to be doing something. I don't want to be irresponsible, but I don't want to be stupid either.
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