Quote:
Originally Posted by kane
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.
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i misread it and wasn't thinking.. i understand what "upside down" means in terms of for sale value vs equity. didn't think so many people would step up to correct me
but the thing that is irritating me most about the whole mortgage thing is people believing they are entitled to live in properties that they should have never been allowed to buy to begin with and are demanding that my tax dollars pay their bills.