I am trying to decide right now if I want to save my house. I bought two years ago and got a good deal as I thought. The builder got a check for $3000.00 at closing so I know I got the best deal I could before he was under and a better deal than most who bought at the top of the housing peek. But I am already under water on my mortgage. What am I to do, sit here and keep paying on my house that is going to keep loosing money hand over fist just so it takes 20 or more years to regain the loses when I can just give up and go with 7 years of credit problems and buy at the bottom. No thanks.
I'm thinking of sending the keys to the bank and moving down south and renting then when the housing market collapses I'll do a land contract till my credit turns around and then buy. In the mean time I'll keep up on all my other forms of credit so my credit doesn't go to complete hell.
I also would like to say I live in Michigan if that helps. I see MI as the Pittsburgh of today. I also want to move down south where there is a bigger chance of survival (ex., Heating problems, Planting crops) come the pending disaster.
What do you guys think? Anybody think I'm stupid for such a thing? Plus I would like to be as mobile as possible.