On the topic of the mortgage crisis – one thing that keeps being lamented are the situations of people who’s mortgages are now higher than their home value. Now, no one ads any other details such as “out of work” or “fighting an illness” or anything else. Just “upside down on their mortgage” or “underwater”. Now sure, couple that WITH the rising unemployment and I get how that is a bad thing.
If (like me), you bought your house with every intention of living in it until retirement, then why should I freak if I end up upside down right now? Am I overly optimistic to be thinking that, hey, by the time I do want to move, my mortgage with be paid down significantly AND the values will have rebounded somewhat? I am not upside down (I don’t think), but I am probably close to break even perhaps. And it does not worry me at all.