Another Writer's Opinion Worth Reading

While we are back on the subject of underwater mortgages, I found another article that may be worth your time:

http://finance.yahoo.com/real-estate/article/108431/confessions-of-an-un...

Besdies touching on the moral dilemna, the author makes a good point of seeing the reality in the situation- that what you home is worth on paper makes no difference for the long run. If you are not selling right now, who cares about the current "value."

This isn't necessarily as simple as it sounds, as different types of mortgages lead to different scenarios. For example, an adjustable rate mortgage could cost more in the coming months than you pay right now- all while the home value could DECREASE. But thinking about the long term situation with the assumption of a fixed rate mortgage is absolutely necessary when making a decision on this matter.

See out other blogs on this subject:

http://stthomasre.com/st-thomas-virgin-islands-blogs/a-promise-is-a-prom...

http://stthomasre.com/st-thomas-virgin-islands-blogs/living-underwater-w...