Quote:
Originally Posted by kane
you end up being house broke
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"house broke" You just described me brother!
I bought my home here in Vegas in Sept. of 2008
One week later the housing market completely crashed and the economy tumbled.
I paid $720,000 for this house at 7% interest rate.
It's now worth less that $400,000 (not really, but that is a quick google calculation not taking other things into consideration).
So now I sit here with a $5,000 a month mortgage in a 5,200 sq. 2 story home with 8 bedrooms and 5 bathrooms...and I'm underwater *(I still owe a little over $510,000) so I can neither re-finance or even get a rate modification or even sell it and get the hell out! lol
So yeah...I know all about being "house broke"