Upside Down Mortgage

upside down mortgages help

Question: How would you handle a upside down mortgage of $130,000?

My husband and I bought our home in the Northern Virginia area in June 2006 with no money down and a 30 year fixed rate. We're thinking about walking away from our house. I know this will ruin our credit, but it seems to be worse to live in a home that isn't worth NEAR what we paid for. Please don't comment on how this wouldn't be the morally right thing to do. We're just regular middle class people and our house is/was our only investment. We bought our house for the going rate of $400,000 and now our house is only worth $270,000. How would you handle a upside down mortgage of $130,000?
I should have also said that we would like to move a state away to be nearer family, because my father had a stroke and I need to be able to help my mother.

Answer: I agree with the others. Stick it out for a while and see what happens with home values in your area. There are bound to rise in the future

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