My own condominium is seriously under water.
This, despite my paying extra on the principal each month and being conservative (30 year loan, small home). After failing to get the interest rate lowered, I realized that now it only makes sense to pay the minimum. Because there is a good chance the value won’t recover, I’m trying to figure out how to turn it into an income property and move on.
The problem with this volatile stock market and its impact on our 401(k)s and pensions and continuing land grab is that not only have my assets been devalued, I feel like I’ve been downgraded despite working hard, etc., etc.
It really sucks.
We live in perilous times where uncertainty prevails. Run from easy answers and simplistic solutions. Use principles, but use them wisely and critically.
Don’t make decisions out of fear.
Trust but verify. Everything. Really.
Don’t believe the hype.