Asked by Jay, Castro Valley, CA • Thu Sep 25, 2008
150K upside down and feel we are paying a mortgage that is inflated and may never gain equity let alone be what it was worth two years ago. We need advice as to what are our options? Should we sit tight and wait or is there a better way to get out, maybe short sell and go buy another home at a lower price and lower our mortgage? I noticed someone mentioning on this site that homes typically double in value every ten yearsâ€¦is that really true? Would that mean in eight years our home may be worth 1M? I guess when you hear of everyone bailing outâ€¦should we? How does it effect your credit in buying a new home?
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