is it advisable to foreclosure now; loss 40% of value home

Posted by Mr Curious on May 29, 2008 at 11:26:37:


I bought a house 3 years ago and I have PMI included in my regular mortgage payment. I was hoping to get rid of the PMI after 2 years but my problem now is that the house we bought for $210,000 three years ago is now worth only about $140,000. ($70,000 less)
So we owe the bank more money than the house is actually worth.
It is advisable financial to foreclose on this $230,000 house that is now worth only $140,000?
We have not built any equity in 3 years and we do not have any loan personal loan, home improvement loan or credit loan taken out on the house.
If we foreclose on the house now we will be able to save up enough money to buy a another house in the future instead of owing $70,000 more in loan payment due to the present value of our house.

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