Quote:
Originally Posted by Pleasurepays
you can't be upside down in a mortgage if you buy a property that's within your means to begin with!
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Sure you can. I have a friend that bought a house for 270K. He could afford the payments and put around 30K down when he bought it. Over the last three years the house has lost about 40K in value because many of his neighbors were people that bought houses they couldn't afford and then had to sell them or have them foreclosed on. All the for sale houses dropped the value of his house by around 40K. So he is now upside down in it. Not by much, but he is upside down.