Well that’s bullshit: program funded by $110 million federal dollars will provide up to $50,000 of relief to homeowners stuck in underwater mortgages; under specific conditions, none of which demonstrate the ability to be financially responsible much less competent at all
There’s no sugar-coating it, my home’s been underwater for the better part of, since I’ve lived in it. The house was purchased in 2004, the value of the home rose a little bit for each of the first three years, and then the housing bubble popped, and the values of homes sunk faster than Yahoo stock. My life was in a way different place back in the day, but I remember getting the first letter that stated that my home no longer had any equity that could be borrowed from, and as far as I know, that hasn’t recovered, even to this very day.
Needless to say, I’ve become very attuned to the concept of underwater mortgages throughout the years, and I should feel fortunate that my household has been in the minority of most underwater homeowners, and that we’ve always been able to pay the bills every month, and have been able to maintain good standing with all home expenditures throughout the years. We’re actually getting to the point where the mortgage is practically whittled down to where we might be able to even hit a break-even point, with the underwater estimates.
At this point, a push is a win, and Jen and I can brush ourselves off from this failed gamble and figure out the next steps in our lives.