Quote:
Originally Posted by Robbie
 "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" |
I have a friend in a similar situation. He bought a house that was a new build in a new development for $405K about 5 years ago. It had no yard or fence. He put in a fence, yard, sprinkler system and heat pump so that it had AC and was offered $450K for it. He didn't want to sell. Right then he was going through a divorce and as part of the divorce it was decided that the house had about 60K in equity so he had 2 years to either sell the house and give her $30K or just buy her out for $30K. Two years later the market was in the shitter, the house was worth about $300K. He can't refinance because he is underwater and he had to drain every cent he has in savings to pay her.