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Posted by RSI on May 24, 2007 at 19:12:34:
In Reply to: Re: Options abound posted by LeeZ on May 24, 2007 at 15:28:02:
on if your 2nd was actually 'purchase money' which it kinda' sounds like it was; in which case your exposure to continued collection activity (not DJ since CA does not sponsor a DJ) will most probably be extinguished with the foreclosure (particularly if it is the same lender)should it become a reality.
An investment mind set is needed.
From this prospective, you would only be 'upside-down' every month IF the property is worth more than what is owed on the loan. An investment mind set would tell you that you would actually be gaining in the long run because it would cost approximately half of what it might normally cost for you to secure a home, given someone else is contributing to the debt.
This type of thinking puts you on the road to generational wealth and strategically better postions you for retirement and your kids for the future.
But of course, if your preference is to sell...
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